ec.europa.euec.europa.eu/economy_finance/publications/pcqr/2010/pdf/pccr410_en.pdfThe tables and...

PRICE AND COST COMPETITIVENESS

EUROPEAN COMMISSION

DIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS

ECFIN/E-4 Fourth quarter 2010

Quarterly data on price and cost competitiveness of the European Union and its Member States

ECFIN/E4/2011/ .

© European Communities, 2011 This document exists in English only

TABLES AND CHARTS BY COUNTRY

The tables and charts on Pages 1 to 76 present nominal and real effective exchange rates of the currencies of the European Union Member States, as well as Japan, the United States, Switzerland, Norway, Turkey, Canada, Australia, New Zealand, Mexico, Russia, China, Hong Kong and Korea. Aggregate measures for the European Union as a whole (EU27) and the group of countries participating in the euro area (EA16) are presented as well. Each country (or country group) is compared with (the rest of) 36 industrial countries (the 27 EU countries, Norway, Australia, Canada, Japan, the United States, Mexico, New Zealand, Turkey and Switzerland), with the European Union and with the euro area. The tables on Pages 77 to 88 present cross-national tables of nominal and real effective exchange rates of the currencies of the EU, the USA and Japan as well as aggregate measures for the EU and the euro area. Each cross-national table of real effective exchange rates is based on a single price or cost deflator. These tables aim to facilitate a comparison of developments in the countries. The final tables show the latest double export weight matrices that were used to calculate effective exchange rates.1

1 The technical annex provides further details.

TABLES AND CHARTS BY COUNTRY

Table of Contents European union and the euro area – EU27 and EA16......................................... p. 1 Belgium and Luxembourg - BL.........…................................................................. p. 3 Bulgaria - BG.......................................................................................................... p. 5 Czech Republic - CZ.............................................................................................. p. 7 Denmark - DK.........…........................................................................................... p. 9 Germany - DE..........…........................................................................................... p. 11 Estonia - EE............................................................................................................ p. 13 Greece - GR.........…............................................................................................... p. 15 Spain - ES...…........................................................................................................ p. 17 France - FR............................................................................................................. p. 19 Ireland - IE.............................................................................................................. p. 21 Italy - IT.................................................................................................................. p. 23 Cyprus - CY............................................................................................................ p. 25 Latvia - LV............................................................................................................. p. 27 Lithuania - LT......................................................................................................... p. 29 Hungary - HU......................................................................................................... p. 31 Malta - MT.............................................................................................................. p. 33 Netherlands - NL.................................................................................................... p. 35 Austria - AT............................................................................................................ p. 37 Poland - PL............................................................................................................. p. 39 Portugal - PT........................................................................................................... p. 41 Romania - RO......................................................................................................... p. 43 Slovenia - SI........................................................................................................... p. 45 Slovakia - SK.......................................................................................................... p. 47 Finland - FI............................................................................................................. p. 49 Sweden - SE............................................................................................................ p. 51 United Kingdom - UK............................................................................................ p. 53 USA - US................................................................................................................ p. 55 Japan - JP................................................................................................................ p. 57 Switzerland - CH.................................................................................................... p. 59 Norway – NO.......................................................................................................... p. 61 Turkey – TR............................................................................................................ p. 63 Canada – CA........................................................................................................... p. 65 Australia – AU........................................................................................................ p. 67 New Zealand – NZ................................................................................................. p. 69 Mexico – MX.......................................................................................................... p. 71 Russia – RU............................................................................................................ p. 73 China – CN............................................................................................................. p. 74 Hong Kong – HK.................................................................................................... p. 75 Korea - KO............................................................................................................. p. 76 Table 1: Trade-weighted currency indices..................................................…......….. p. 77 Table 2: Real effective exchange rates based on Consumer Price Index ….…...… p. 79 Table 3: Real effective exchange rates based on GDP deflator ......................……. p. 81 Table 4: Real effective exchange rates based on Export price deflator ....…......… p. 81 Table 5: Real effective exchange rates based on ULC in economy as a whole...... p. 83 Table 6: Real effective exchange rates based on ULC in manufacturing ........…... p. 83 Table 7: Double export weights ..................................................................……......… p. 85

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EA16/EU27 EA16 EA16 EA16 EU27 EA16 EA16 EA16 EU27 EA16 EA16 EA16 EU27vs EU27 vs IC36 vs gr41 vs IC36 vs EU27 vs IC36 vs gr41 vs IC36 vs EU27 vs IC36 vs gr41 vs IC36

1998 99.8 101.7 97.3 102.9 Q4-07 103.8 120.1 120.6 133.5 Jul-08 -0.6 0.1 0.1 1.0 1999 100.0 100.0 100.0 100.0 Q1-08 107.2 122.4 123.1 134.1 Aug-08 0.2 -1.9 -2.2 -3.7 2000 94.7 91.9 91.7 91.3 Q2-08 108.6 125.3 126.1 138.8 Sep-08 1.2 -1.2 -0.8 -3.0 2001 97.1 95.0 94.8 94.9 Q3-08 108.1 123.1 123.6 135.3 Oct-08 0.9 -2.0 -1.7 -4.1 2002 97.6 98.3 98.9 100.4 Q4-08 115.0 120.6 121.2 123.0 Nov-08 3.7 -0.2 -0.4 -3.6 2003 104.6 109.6 111.5 112.9 Q1-09 124.8 125.1 127.5 120.7 Dec-08 6.1 4.5 4.2 2.2 2004 103.9 113.1 115.7 119.8 Q2-09 121.9 125.9 127.8 124.7 Jan-09 2.2 0.3 2.0 -1.7 2005 103.1 111.9 113.7 118.8 Q3-09 119.4 126.1 128.8 127.8 Feb-09 0.2 -0.6 -0.3 -1.8 2006 102.6 113.2 113.6 122.1 Q4-09 121.6 127.7 130.1 128.4 Mar-09 1.9 2.5 2.0 2.8 2007 102.1 117.2 117.4 130.2 Q1-10 118.9 122.3 124.2 121.7 Apr-09 -2.3 -1.2 -1.4 0.2 2008 109.4 122.0 122.7 131.9 Q2-10 116.4 116.5 117.6 113.9 May-09 -1.4 0.2 0.2 1.6 2009 121.6 125.4 127.7 124.6 Q3-10 114.6 115.2 117.1 113.2 Jun-09 -1.0 0.8 0.8 2.2 2010 116.1 117.0 118.8 115.4 Q4-10 115.8 117.3 119.8 115.8 Jul-09 -0.6 -0.5 -0.2 -0.1

Aug-09 -1.2 -0.3 -0.1 0.7 Sep-09 1.6 1.1 1.1 0.4 Oct-09 1.7 1.0 0.7 0.2 Nov-09 -0.9 -0.2 -0.2 0.6 Dec-09 0.2 -0.8 -0.8 -1.6 Jan-10 -1.5 -1.9 -2.1 -2.0 Feb-10 -0.9 -2.3 -2.4 -3.1 Mar-10 0.5 -0.5 -0.8 -1.1 Apr-10 -1.6 -1.2 -1.5 -0.8 May-10 -0.2 -2.7 -2.9 -4.8 Jun-10 -1.5 -2.0 -1.9 -2.3 Jul-10 0.2 1.5 1.9 2.5

Aug-10 -1.2 -0.6 -0.4 0.1 Sep-10 0.5 0.3 0.5 0.2 Oct-10 2.0 3.1 3.5 3.7 Nov-10 -1.1 -1.1 -1.1 -1.0 Dec-10 -0.5 -1.6 -2.0 -2.3

EA16/EU27 EA16 EA16 EA16 EU27 EA16 EA16 EA16 EU27 EA16 EA16 EA16 EU27vs EU27 vs IC36 vs gr41 vs IC36 vs EU27 vs IC36 vs gr41 vs IC36 vs EU27 vs IC36 vs gr41 vs IC36

1998 101.1 104.6 102.0 107.0 Q4-07 102.2 112.4 108.1 120.1 Jul-08 -0.7 -0.2 -0.3 0.6 1999 100.0 100.0 100.0 100.0 Q1-08 105.2 114.1 109.5 120.5 Aug-08 -0.1 -2.0 -2.2 -3.6 2000 94.4 90.2 89.7 88.6 Q2-08 106.2 116.5 111.8 124.3 Sep-08 0.8 -1.2 -0.8 -2.9 2001 96.5 91.6 90.8 89.9 Q3-08 105.3 113.9 108.9 120.6 Oct-08 0.9 -2.0 -1.8 -4.1 2002 97.1 94.4 94.0 93.8 Q4-08 111.4 111.7 106.7 110.5 Nov-08 3.4 0.0 -0.4 -3.1 2003 104.3 104.7 104.7 104.1 Q1-09 120.0 115.5 111.5 108.6 Dec-08 6.3 4.9 4.5 2.7 2004 103.6 107.7 107.6 109.9 Q2-09 116.8 116.0 111.5 112.2 Jan-09 1.6 -0.4 1.0 -2.4 2005 102.7 106.1 104.6 108.3 Q3-09 113.6 115.4 111.4 114.4 Feb-09 0.1 -0.4 -0.1 -1.3 2006 101.9 106.7 103.6 110.4 Q4-09 115.5 116.8 112.4 114.9 Mar-09 1.8 2.4 1.8 2.8 2007 100.7 109.8 105.7 117.2 Q1-10 112.2 111.2 106.4 108.5 Apr-09 -2.3 -1.2 -1.4 0.2 2008 106.6 113.3 108.4 118.3 Q2-10 109.8 106.2 100.9 102.1 May-09 -1.9 -0.1 -0.1 1.5 2009 116.0 115.2 110.9 111.9 Q3-10 107.8 104.9 100.1 101.5 Jun-09 -1.0 0.6 0.7 1.9 2010 109.2 106.5 0.0 103.4 Q4-10 108.7 106.7 102.1 103.9 Jul-09 -1.3 -1.1 -1.0 -0.5

Aug-09 -1.0 0.0 0.2 0.9 Sep-09 1.4 0.9 1.0 0.3 Oct-09 1.7 1.0 0.6 0.0 Nov-09 -1.1 -0.4 -0.4 0.5 Dec-09 0.2 -0.6 -0.6 -1.2 Jan-10 -2.4 -2.9 -3.2 -2.9 Feb-10 -0.8 -2.1 -2.3 -2.9 Mar-10 0.9 -0.1 -0.3 -0.7 Apr-10 -1.8 -1.3 -1.6 -0.7 May-10 -0.2 -2.7 -2.8 -4.6 Jun-10 -1.7 -2.1 -2.0 -2.1 Jul-10 0.0 1.2 1.4 2.3

Aug-10 -1.1 -0.5 -0.2 0.2 Sep-10 0.5 0.3 0.5 0.1 Oct-10 2.0 3.0 3.3 3.5 Nov-10 -1.3 -1.2 -1.3 -0.9 Dec-10 -0.6 -1.3 -1.8 -1.7

2 - 1

Annual data Quarterly data Monthly data(index 1999 = 100) (index 1999 = 100) monthly % change

(index 1999 = 100) (index 1999 = 100) monthly % change

2. Relative price indicators, based on HICP / CPI

EA16 and EU27

1. Trade-weighted currency indices

Annual data Quarterly data Monthly data

80

90

100

110

120

130

140

150

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10

EA16 vs EU27EA16 vs IC36EA16 vs gr41EU27 vs IC36

EA16/EU27 - NEER

80

90

100

110

120

130

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10

EA16 vs EU27EA16 vs IC36EA16 vs gr41EU27 vs IC36

EA16/EU27 - REER (HICP/CPI)

EA16/EU27 EA16 EA16 EU27 EA16 EA16 EU27vs EU27 vs IC36 vs IC36 vs EU27 vs IC36 vs IC36

1998 101.7 104.5 106.2 Q4-07 95.0 108.8 121.4 1999 100.0 100.0 100.0 Q1-08 97.6 110.2 121.5 2000 93.7 89.8 88.4 Q2-08 98.3 112.3 125.3 2001 95.3 91.4 90.4 Q3-08 97.6 110.0 121.9 2002 95.0 94.3 95.4 Q4-08 103.6 107.7 110.8 2003 100.9 104.2 106.3 Q1-09 112.2 111.6 108.8 2004 99.1 106.1 111.4 Q2-09 109.5 112.2 112.3 2005 97.8 104.3 109.4 Q3-09 106.9 112.0 114.9 2006 96.1 104.1 110.9 Q4-09 108.3 112.9 115.0 2007 94.1 106.7 117.9 Q1-10 105.4 107.6 108.6 2008 98.9 109.2 118.1 Q2-10 102.5 102.1 101.3 2009 108.8 111.3 111.4 Q3-10 100.6 100.6 100.5 2010 102.0 102.4 101.9 Q4-10 101.4 102.4 102.9


1998 101.6 103.7 105.0 Q4-07 100.1 107.8 113.1 1999 100.0 100.0 100.0 Q1-08 102.0 108.6 112.7 2000 95.0 91.6 90.0 Q2-08 101.7 110.1 116.1 2001 97.3 92.6 90.2 Q3-08 99.5 107.4 113.6 2002 97.4 95.4 95.0 Q4-08 104.0 104.8 104.5 2003 101.7 103.6 104.8 Q1-09 111.2 108.6 104.0 2004 100.9 105.0 107.8 Q2-09 107.6 109.3 108.9 2005 101.1 103.8 105.4 Q3-09 105.0 109.8 112.4 2006 100.0 103.6 105.9 Q4-09 107.2 111.4 113.1 2007 99.4 106.3 111.3 Q1-10 105.6 107.1 107.0 2008 101.6 107.1 110.6 Q2-10 104.0 102.3 99.7 2009 107.5 109.2 108.7 Q3-10 103.1 101.4 98.8 2010 104.1 103.0 100.6 Q4-10 104.4 103.4 101.0


1998 101.3 104.8 107.7 Q4-07 91.5 108.2 124.9 1999 100.0 100.0 100.0 Q1-08 94.3 109.9 125.3 2000 91.9 89.3 89.3 Q2-08 95.4 112.5 129.8 2001 92.1 90.3 91.5 Q3-08 94.9 110.7 127.0 2002 92.8 94.0 97.3 Q4-08 100.9 108.9 116.2 2003 98.9 104.5 109.0 Q1-09 109.3 113.4 114.9 2004 97.6 107.3 115.3 Q2-09 106.7 114.5 119.5 2005 95.6 105.0 113.5 Q3-09 104.2 114.9 122.8 2006 93.8 104.5 114.7 Q4-09 105.8 116.1 123.4 2007 90.6 106.1 121.2 Q1-10 103.2 110.9 116.8 2008 95.9 109.6 122.9 Q2-10 100.7 105.2 109.0 2009 106.0 113.8 118.6 Q3-10 99.0 103.8 108.1 2010 100.2 105.5 109.6 Q4-10 100.0 105.6 110.5


1998 99.7 103.4 106.8 Q4-07 98.2 114.1 127.9 1999 100.0 100.0 100.0 Q1-08 102.1 116.6 128.5 2000 92.8 88.7 87.4 Q2-08 104.4 120.3 133.6 2001 93.4 89.0 88.0 Q3-08 105.0 119.9 131.9 2002 94.7 93.8 94.7 Q4-08 113.0 119.7 122.4 2003 102.3 105.6 107.5 Q1-09 123.7 126.6 122.7 2004 103.0 111.4 116.8 Q2-09 121.6 129.4 129.1 2005 100.2 109.0 115.8 Q3-09 119.3 130.7 133.6 2006 99.5 109.0 116.1 Q4-09 121.1 132.2 134.5 2007 96.6 111.4 123.8 Q1-10 118.0 125.9 126.9 2008 105.5 118.1 127.1 Q2-10 114.8 119.1 117.9 2009 120.8 128.6 128.1 Q3-10 112.8 117.2 116.6 2010 114.3 119.3 118.3 Q4-10 113.8 119.1 119.1

(index 1999 = 100) (index 1999 = 100)

2 - 2

(index 1999 = 100) (index 1999 = 100)

6. Relative cost indicators, based on unit wage costs in manufacturingAnnual data Quarterly data

(index 1999 = 100) (index 1999 = 100)

5. Relative cost indicators, based on unit labour costs in total economyAnnual data Quarterly data

(index 1999 = 100) (index 1999 = 100)

4. Relative price indicators, based on export prices deflatorAnnual data Quarterly data

3. Relative price indicators, based on GDP deflatorAnnual data Quarterly data

80

90

100

110

120

130

95 97 99 01 03 05 07 09

EA16 vs EU27EA16 vs IC36EU27 vs IC36

EA16/EU27 - REER (PGDP)

80

90

100

110

120

95 97 99 01 03 05 07 09

EA16 vs EU27

EA16 vs IC36

EU27 vs IC36

EA16/EU27 - REER (PX)

80

90

100

110

120

130

140

95 97 99 01 03 05 07 09

EA16 vs EU27EA16 vs IC36EU27 vs IC36

EA16/EU27 - REER (ULCE)

80

90

100

110

120

130

140

95 97 99 01 03 05 07 09

EA16 vs EU27

EA16 vs IC36

EU27 vs IC36

EA16/EU27 - REER (ULCM)

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BLEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.9 99.9 100.7 99.5 Q4-07 99.9 100.9 107.3 108.1 Jul-08 0.0 -0.1 0.1 0.1 1999 100.0 100.0 100.0 100.0 Q1-08 99.9 101.7 108.2 109.1 Aug-08 0.0 0.0 -0.7 -1.0 2000 100.0 98.7 96.7 96.4 Q2-08 99.9 102.0 109.2 110.3 Sep-08 0.0 0.2 -0.4 -0.4 2001 100.1 99.3 97.9 97.7 Q3-08 99.9 101.9 108.5 109.4 Oct-08 0.0 0.1 -0.8 -0.9 2002 100.1 99.4 99.1 99.3 Q4-08 99.9 103.2 107.7 108.3 Nov-08 0.0 0.8 0.0 -0.1 2003 100.1 101.1 103.6 104.5 Q1-09 99.9 105.0 109.1 110.4 Dec-08 0.0 1.3 1.8 1.8 2004 100.1 100.9 104.7 106.0 Q2-09 99.9 104.5 109.3 110.6 Jan-09 0.0 0.5 0.1 0.8 2005 100.0 100.8 104.4 105.3 Q3-09 99.9 104.1 109.5 111.0 Feb-09 0.0 0.0 -0.4 -0.3 2006 100.0 100.6 104.8 105.3 Q4-09 99.9 104.5 110.0 111.6 Mar-09 0.0 0.4 1.0 0.9 2007 100.0 100.5 106.1 106.7 Q1-10 99.9 104.0 108.3 109.4 Apr-09 0.0 -0.5 -0.4 -0.5 2008 99.9 102.1 108.0 108.9 Q2-10 99.9 103.5 106.3 106.8 May-09 0.0 -0.3 0.1 0.1 2009 99.9 104.4 109.1 110.5 Q3-10 99.9 103.1 105.9 106.6 Jun-09 0.0 -0.3 0.2 0.3 2010 99.9 103.4 106.4 107.3 Q4-10 99.9 103.4 106.7 107.8 Jul-09 0.0 -0.1 -0.1 0.0

Aug-09 0.0 -0.2 -0.1 0.0 Sep-09 0.0 0.4 0.5 0.5 Oct-09 0.0 0.4 0.4 0.3 Nov-09 0.0 -0.2 -0.1 -0.1 Dec-09 0.0 0.0 -0.3 -0.3 Jan-10 0.0 -0.3 -0.7 -0.9 Feb-10 0.0 -0.2 -0.8 -1.0 Mar-10 0.0 0.2 -0.1 -0.3 Apr-10 0.0 -0.4 -0.5 -0.7 May-10 0.0 -0.1 -1.1 -1.3 Jun-10 0.0 -0.4 -0.8 -0.9 Jul-10 0.0 0.1 0.6 0.9

Aug-10 0.0 -0.3 -0.2 -0.1 Sep-10 0.0 0.1 0.2 0.3 Oct-10 0.0 0.5 1.3 1.6 Nov-10 0.0 -0.3 -0.5 -0.5 Dec-10 0.0 -0.1 -0.6 -0.9

BLEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.9 100.2 101.5 100.9 Q4-07 99.8 100.9 105.6 104.7 Jul-08 -0.9 -1.1 -0.9 -1.0 1999 100.0 100.0 100.0 100.0 Q1-08 100.2 102.0 106.8 105.9 Aug-08 1.2 1.2 0.4 0.2 2000 100.6 99.3 96.8 96.4 Q2-08 101.1 103.1 108.6 107.7 Sep-08 -0.2 -0.1 -0.7 -0.6 2001 100.5 99.8 97.6 97.1 Q3-08 101.2 103.0 107.8 106.7 Oct-08 -0.1 0.0 -0.9 -1.0 2002 99.8 99.3 98.1 97.9 Q4-08 101.2 104.3 107.1 105.6 Nov-08 -0.2 0.6 -0.1 -0.3 2003 99.3 100.6 101.8 102.2 Q1-09 100.7 105.5 107.9 107.0 Dec-08 0.0 1.3 1.9 1.9 2004 99.1 100.2 102.7 103.1 Q2-09 100.5 104.7 107.9 106.9 Jan-09 -1.3 -0.9 -1.4 -0.8 2005 99.6 100.6 102.8 102.7 Q3-09 100.4 103.9 107.5 106.7 Feb-09 1.8 1.7 1.4 1.5 2006 99.9 100.7 103.3 102.6 Q4-09 100.6 104.5 108.3 107.4 Mar-09 -0.9 -0.5 0.1 0.0 2007 99.6 100.2 104.1 103.2 Q1-10 100.9 104.2 106.7 105.3 Apr-09 0.0 -0.5 -0.4 -0.5 2008 100.9 103.0 107.2 106.0 Q2-10 101.7 104.4 105.6 103.7 May-09 -0.1 -0.5 -0.2 -0.1 2009 100.5 104.5 107.5 106.5 Q3-10 101.5 103.8 104.9 103.1 Jun-09 -0.3 -0.5 -0.1 -0.1 2010 101.5 104.1 105.5 103.7 Q4-10 102.0 104.5 106.2 104.5 Jul-09 -1.0 -1.3 -1.3 -1.4

Aug-09 1.8 1.6 1.7 1.8 Sep-09 -0.4 0.0 0.0 0.1 Oct-09 -0.2 0.2 0.2 0.1 Nov-09 0.2 -0.1 0.0 0.0 Dec-09 -0.1 -0.1 -0.3 -0.4 Jan-10 -0.8 -1.3 -1.9 -2.1 Feb-10 1.9 1.7 1.1 0.9 Mar-10 -0.4 -0.1 -0.3 -0.4 Apr-10 0.2 -0.2 -0.4 -0.5 May-10 0.3 0.2 -0.8 -1.1 Jun-10 0.1 -0.3 -0.8 -0.9 Jul-10 -1.6 -1.5 -1.0 -0.9

Aug-10 1.9 1.6 1.7 1.7 Sep-10 -0.1 0.1 0.1 0.2 Oct-10 -0.1 0.4 1.1 1.4 Nov-10 0.0 -0.3 -0.4 -0.6 Dec-10 -0.1 -0.2 -0.6 -0.9

vs the rest of vs the rest of vs the rest ofmonthly % change(index 1999 = 100)

Monthly datamonthly % change

2 - 3

vs the rest of vs the rest of

(index 1999 = 100)




vs the rest of

Annual data(index 1999 = 100)

Quarterly data(index 1999 = 100)

BLEU - euro (before 1999: BEF/LUF)

90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10

vs EA16vs EU27vs IC36vs gr41

BLEU - NEER

90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


BLEU - REER (HICP/CPI)

BL vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 100.1 100.6 101.8 Q4-07 102.5 101.8 106.8 1999 100.0 100.0 100.0 Q1-08 102.6 102.6 107.6 2000 100.5 99.1 96.6 Q2-08 102.7 102.9 108.6 2001 99.9 98.9 97.0 Q3-08 102.6 102.7 107.8 2002 99.5 98.5 97.6 Q4-08 102.5 103.9 106.8 2003 99.8 100.2 102.0 Q1-09 102.4 105.6 108.1 2004 100.3 100.4 103.2 Q2-09 102.5 105.1 108.3 2005 101.1 100.9 103.5 Q3-09 102.7 104.8 108.6 2006 102.2 101.6 104.4 Q4-09 103.0 105.5 109.4 2007 102.4 101.4 105.6 Q1-10 103.5 105.3 107.9 2008 102.6 102.9 107.2 Q2-10 104.0 105.1 106.2 2009 102.6 105.1 108.1 Q3-10 104.3 105.1 106.0 2010 104.1 105.1 106.3 Q4-10 104.6 105.5 107.0


1998 98.7 99.1 100.1 Q4-07 110.1 110.3 113.7 1999 100.0 100.0 100.0 Q1-08 110.5 111.2 114.6 2000 102.4 101.3 99.1 Q2-08 110.6 111.3 115.3 2001 102.3 101.7 99.6 Q3-08 110.1 110.2 113.7 2002 102.3 101.7 100.7 Q4-08 109.1 110.3 111.8 2003 102.1 102.6 103.9 Q1-09 108.2 110.9 112.2 2004 104.1 104.4 106.4 Q2-09 107.8 109.7 112.1 2005 106.7 107.0 108.6 Q3-09 108.2 109.6 112.8 2006 107.9 108.0 109.6 Q4-09 109.6 111.5 115.0 2007 109.2 109.2 112.1 Q1-10 111.5 113.0 115.2 2008 110.1 110.7 113.5 Q2-10 113.3 114.4 114.9 2009 108.4 110.3 112.7 Q3-10 114.6 115.5 115.8 2010 113.6 114.7 115.4 Q4-10 115.2 116.4 117.2


1998 99.5 99.9 101.3 Q4-07 101.7 100.2 105.6 1999 100.0 100.0 100.0 Q1-08 102.1 101.3 106.9 2000 99.2 97.4 95.1 Q2-08 102.3 101.9 108.2 2001 101.1 99.3 97.5 Q3-08 102.4 101.9 107.7 2002 100.9 99.4 98.9 Q4-08 102.4 103.2 107.0 2003 100.0 100.0 102.2 Q1-09 102.3 104.9 108.5 2004 98.7 98.4 101.9 Q2-09 102.3 104.3 108.8 2005 99.3 98.6 101.8 Q3-09 102.3 103.9 109.1 2006 100.4 99.3 102.6 Q4-09 102.5 104.4 109.7 2007 101.3 99.4 104.1 Q1-10 102.8 104.1 108.1 2008 102.3 101.9 107.0 Q2-10 103.0 103.7 106.2 2009 102.4 104.2 108.6 Q3-10 103.1 103.5 105.9 2010 103.0 103.6 106.3 Q4-10 103.2 103.8 106.7


1998 98.0 98.1 99.3 Q4-07 103.8 103.7 110.0 1999 100.0 100.0 100.0 Q1-08 103.1 103.9 110.4 2000 99.4 97.8 95.2 Q2-08 102.0 103.5 110.8 2001 101.8 100.3 97.7 Q3-08 100.7 102.3 109.3 2002 100.9 99.8 98.8 Q4-08 99.2 102.3 107.6 2003 101.1 101.8 103.8 Q1-09 97.8 102.9 108.2 2004 99.8 100.6 104.5 Q2-09 96.7 101.4 107.8 2005 100.7 100.8 104.7 Q3-09 96.3 100.5 107.7 2006 104.2 104.1 108.1 Q4-09 96.4 100.9 108.3 2007 104.5 103.8 109.4 Q1-10 96.8 100.8 106.9 2008 101.3 102.9 109.0 Q2-10 97.3 100.7 105.2 2009 96.8 101.3 107.5 Q3-10 97.7 100.7 105.0 2010 97.4 100.7 105.2 Q4-10 97.8 101.0 105.8

Annual data Quarterly data(index 1999 = 100) (index 1999 = 100)



2 - 4

3. Relative price indicators, based on GDP deflator

4. Relative price indicators, based on export prices deflator

5. Relative cost indicators, based on unit labour costs in total economy


(index 1999 = 100) (index 1999 = 100)

90

95

100

105

110

115

95 97 99 01 03 05 07 09

vs EA16vs EU27vs IC36

BLEU - REER (PGDP)

95

100

105

110

115

120

125

95 97 99 01 03 05 07 09


BLEU - REER (PX)

90

95

100

105

110

115

95 97 99 01 03 05 07 09


BLEU - REER (ULCE)

90

95

100

105

110

115

95 97 99 01 03 05 07 09


BLEU - REER (ULCM)

top

BGEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 100 99 97 89 Q4-07 100.5 101.7 118.4 120.2 Jul-08 0.0 -0.3 -0.1 -0.1 1999 100 100 100 100 Q1-08 100.5 102.4 119.7 121.7 Aug-08 0.0 0.0 -1.3 -1.5 2000 100.3 99.7 99.9 99.6 Q2-08 100.5 102.3 121.3 123.5 Sep-08 0.0 0.3 -0.1 -0.1 2001 101.0 101.1 107.5 107.0 Q3-08 100.4 102.1 119.6 121.5 Oct-08 0.0 0.4 0.6 0.3 2002 101.0 101.4 111.0 111.4 Q4-08 100.4 103.6 120.6 122.1 Nov-08 0.0 0.6 0.3 0.1 2003 101.1 102.9 116.3 118.0 Q1-09 100.4 105.6 123.2 126.5 Dec-08 0.0 1.1 1.5 1.7 2004 100.8 102.8 117.7 119.9 Q2-09 100.4 105.2 123.3 126.4 Jan-09 0.0 0.8 0.6 1.8 2005 100.7 102.1 116.2 117.9 Q3-09 100.4 104.7 123.3 126.9 Feb-09 0.0 0.3 0.0 0.4 2006 100.6 101.9 117.1 118.3 Q4-09 100.4 105.0 124.0 127.5 Mar-09 0.0 0.2 1.1 0.9 2007 100.6 101.5 117.8 119.2 Q1-10 100.4 104.4 121.8 124.6 Apr-09 0.0 -0.5 -0.9 -1.0 2008 100.5 102.6 119.9 121.7 Q2-10 100.4 104.2 119.7 121.5 May-09 0.0 -0.3 0.0 0.0 2009 100.4 105.2 123.1 126.4 Q3-10 100.4 104.0 119.4 121.6 Jun-09 0.0 0.0 0.5 0.5 2010 100.4 104.2 119.9 122.2 Q4-10 100.4 104.2 120.2 123.0 Jul-09 0.0 -0.2 -0.3 -0.1

Aug-09 0.0 -0.3 -0.2 0.0 Sep-09 0.0 0.2 0.5 0.5 Oct-09 0.0 0.3 0.4 0.2 Nov-09 0.0 -0.1 0.2 0.1 Dec-09 0.0 0.0 -0.4 -0.3 Jan-10 0.0 -0.3 -1.0 -1.3 Feb-10 0.0 -0.2 -0.7 -1.0 Mar-10 0.0 -0.1 -0.2 -0.4 Apr-10 0.0 -0.2 -0.7 -0.9 May-10 0.0 0.1 -0.9 -1.2 Jun-10 0.0 -0.1 -0.5 -0.6 Jul-10 0.0 0.0 0.6 0.9


BGEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 98.7 98.7 100.0 97.3 Q4-07 144.4 143.2 143.4 137.5 Jul-08 1.6 1.2 1.2 1.2 1999 100.0 100.0 100.0 100.0 Q1-08 149.1 148.5 149.1 142.7 Aug-08 0.1 0.0 -1.2 -1.5 2000 108.1 106.9 103.8 102.3 Q2-08 150.2 149.5 151.8 145.4 Sep-08 0.6 0.8 0.4 0.4 2001 113.9 113.0 111.5 108.5 Q3-08 153.0 151.9 152.3 145.4 Oct-08 0.1 0.5 0.4 0.1 2002 117.6 116.8 115.4 112.5 Q4-08 153.7 154.5 153.7 145.9 Nov-08 0.0 0.6 0.3 0.0 2003 117.8 118.4 118.6 116.3 Q1-09 154.8 158.4 157.7 151.4 Dec-08 -0.3 0.8 1.3 1.5 2004 122.2 122.6 123.6 121.1 Q2-09 154.2 156.9 157.0 150.4 Jan-09 1.2 1.8 1.5 2.4 2005 126.6 126.2 125.8 122.1 Q3-09 154.6 156.5 157.1 150.8 Feb-09 0.0 0.2 0.1 0.5 2006 133.0 132.2 132.2 127.1 Q4-09 154.3 156.5 157.1 150.6 Mar-09 -0.8 -0.6 0.2 0.0 2007 140.0 138.4 138.8 133.1 Q1-10 156.0 157.0 155.1 147.6 Apr-09 0.2 -0.3 -0.6 -0.8 2008 151.6 151.0 151.4 144.6 Q2-10 156.0 156.8 152.5 144.1 May-09 -0.1 -0.4 -0.2 -0.2 2009 154.5 157.0 156.9 150.5 Q3-10 156.8 157.1 152.9 144.6 Jun-09 0.0 -0.1 0.4 0.4 2010 156.5 157.0 153.2 145.3 Q4-10 157.1 157.5 153.8 145.9 Jul-09 0.6 0.2 -0.1 0.0

Aug-09 -0.2 -0.4 -0.2 0.0 Sep-09 -0.3 -0.1 0.1 0.1 Oct-09 0.0 0.3 0.1 -0.1 Nov-09 0.1 -0.1 0.1 0.0 Dec-09 0.0 0.0 -0.3 -0.3 Jan-10 1.4 0.7 -0.3 -0.7 Feb-10 -0.1 -0.2 -0.8 -1.2 Mar-10 -0.7 -0.7 -0.7 -0.9 Apr-10 0.7 0.5 0.0 -0.2 May-10 -0.1 0.0 -0.9 -1.3 Jun-10 -0.4 -0.5 -0.9 -1.0 Jul-10 0.9 0.8 1.4 1.6

Aug-10 0.0 -0.2 -0.3 -0.2 Sep-10 -0.1 -0.1 -0.1 0.0 Oct-10 -0.1 0.2 0.6 1.0 Nov-10 0.5 0.3 0.1 0.0 Dec-10 0.1 0.1 0.2 -0.2

Bulgaria - BGN




vs (the rest of)




2 - 5

vs (the rest of) vs (the rest of)

(index 1999 = 100)vs (the rest of) vs (the rest of) vs (the rest of)

monthly % change(index 1999 = 100)

50

60

70

80

90

100

110

120

130

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Bulgaria - NEER

40

60

80

100

120

140

160

180

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Bulgaria - REER (HICP/CPI)

BG vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 97.5 97.5 98.4 Q4-07 137.9 134.2 136.5 1999 100.0 100.0 100.0 Q1-08 140.1 137.0 139.5 2000 105.2 103.9 101.0 Q2-08 142.0 138.6 142.6 2001 109.7 108.6 107.7 Q3-08 143.5 139.6 141.7 2002 111.8 110.6 110.6 Q4-08 144.7 142.8 144.0 2003 111.8 111.7 113.3 Q1-09 145.6 146.5 148.0 2004 114.0 113.5 115.7 Q2-09 146.4 146.6 148.7 2005 120.1 118.5 119.4 Q3-09 147.0 146.5 149.1 2006 126.0 123.6 124.9 Q4-09 147.7 147.4 150.1 2007 134.3 130.6 132.8 Q1-10 148.4 147.0 147.4 2008 142.6 139.2 141.0 Q2-10 148.9 147.1 144.7 2009 146.7 146.5 148.0 Q3-10 149.5 147.2 144.4 2010 149.2 147.0 144.6 Q4-10 149.9 147.7 145.5


1998 94.5 94.7 95.3 Q4-07 149.8 149.0 150.0 1999 100.0 100.0 100.0 Q1-08 153.9 153.6 154.5 2000 116.2 115.2 112.8 Q2-08 156.3 155.5 157.8 2001 116.4 115.8 113.1 Q3-08 155.6 153.8 154.0 2002 112.9 112.5 111.2 Q4-08 151.9 151.7 151.1 2003 113.5 113.9 114.8 Q1-09 147.2 149.4 149.4 2004 119.1 119.2 120.1 Q2-09 143.3 144.4 145.3 2005 125.4 125.3 125.5 Q3-09 141.8 142.2 143.7 2006 139.2 138.6 138.6 Q4-09 143.0 143.9 145.4 2007 145.3 144.3 145.3 Q1-10 145.7 146.0 145.2 2008 154.6 153.7 153.5 Q2-10 148.6 148.9 145.2 2009 143.9 145.0 145.2 Q3-10 150.6 150.8 146.5 2010 149.1 149.3 145.4 Q4-10 151.1 151.6 147.8


1998 103.5 103.5 106.3 Q4-07 129.1 125.3 129.9 1999 100.0 100.0 100.0 Q1-08 133.0 129.6 134.8 2000 99.1 97.5 95.7 Q2-08 136.4 132.7 139.7 2001 106.8 104.9 105.2 Q3-08 139.3 135.1 140.5 2002 105.1 103.9 105.5 Q4-08 141.7 139.3 143.9 2003 105.4 105.3 108.9 Q1-09 143.6 143.8 148.8 2004 105.2 105.0 109.2 Q2-09 145.0 144.5 150.2 2005 106.2 104.7 108.0 Q3-09 145.9 144.8 151.0 2006 109.6 107.6 111.3 Q4-09 146.6 145.7 152.4 2007 122.9 119.2 123.6 Q1-10 147.2 145.4 150.1 2008 137.7 133.9 139.0 Q2-10 147.8 145.5 147.8 2009 145.4 144.5 149.8 Q3-10 148.6 146.1 148.2 2010 148.4 145.9 148.3 Q4-10 149.6 147.2 150.1


1998 : : : Q4-07 : : :1999 : : : Q1-08 : : :2000 : : : Q2-08 : : :2001 : : : Q3-08 : : :2002 : : : Q4-08 : : :2003 : : : Q1-09 : : :2004 : : : Q2-09 : : :2005 : : : Q3-09 : : :2006 : : : Q4-09 : : :2007 : : : Q1-10 : : :2008 : : : Q2-10 : : :2009 : : : Q3-10 : : :2010 : : : Q4-10 : : :

2 - 6





(index 1999 = 100) (index 1999 = 100)




40

60

80

100

120

140

160

95 97 99 01 03 05 07 09


Bulgaria - REER (PGDP)

40

60

80

100

120

140

160

95 97 99 01 03 05 07 09


Bulgaria - REER (PX)

30

50

70

90

110

130

150

170

95 97 99 01 03 05 07 09


Bulgaria - REER (ULCE)

top

CZEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 101.8 101.2 101.5 98.0 Q4-07 136.3 137.3 142.4 144.8 Jul-08 3.3 3.0 3.2 3.2 1999 100.0 100.0 100.0 100.0 Q1-08 142.9 144.8 150.2 152.8 Aug-08 -3.1 -3.1 -3.5 -3.7 2000 103.5 102.7 101.7 101.5 Q2-08 146.8 148.7 154.8 157.8 Sep-08 -0.9 -0.5 -0.9 -0.9 2001 108.3 107.5 107.0 106.8 Q3-08 151.0 152.6 158.4 161.2 Oct-08 -1.1 -0.5 -1.1 -1.3 2002 119.7 119.2 119.4 119.9 Q4-08 143.6 147.6 151.5 153.9 Nov-08 -1.7 -0.9 -1.3 -1.5 2003 115.7 117.2 119.1 120.5 Q1-09 131.7 138.6 141.9 145.3 Dec-08 -3.5 -2.3 -2.0 -1.4 2004 115.4 116.9 119.5 121.3 Q2-09 136.4 142.8 146.8 150.2 Jan-09 -4.0 -3.3 -3.5 -3.2 2005 123.3 124.3 126.9 128.6 Q3-09 142.2 147.9 152.5 156.5 Feb-09 -4.5 -4.0 -4.2 -4.0 2006 129.4 130.3 133.5 134.8 Q4-09 140.4 146.4 151.0 154.9 Mar-09 4.5 4.9 5.2 5.1 2007 131.7 132.3 136.6 138.3 Q1-10 140.6 145.8 149.4 152.6 Apr-09 1.7 1.1 1.2 1.0 2008 146.1 148.3 153.3 155.8 Q2-10 142.2 147.1 149.6 151.8 May-09 0.2 -0.2 0.0 0.0 2009 137.6 143.8 147.6 151.1 Q3-10 146.0 150.7 153.1 155.8 Jun-09 0.7 0.7 0.9 1.0 2010 143.9 148.7 151.2 153.9 Q4-10 146.9 151.8 154.6 157.8 Jul-09 2.9 2.6 2.5 2.7

Aug-09 0.6 0.2 0.3 0.4 Sep-09 1.2 1.5 1.5 1.5 Oct-09 -2.0 -1.7 -1.7 -1.8 Nov-09 0.2 0.0 0.1 0.1 Dec-09 -1.1 -1.1 -1.3 -1.3 Jan-10 -0.2 -0.5 -0.8 -1.0 Feb-10 0.6 0.4 0.0 -0.2 Mar-10 1.7 1.6 1.5 1.3 Apr-10 0.9 0.7 0.6 0.4 May-10 -1.4 -1.1 -1.7 -2.0 Jun-10 -0.5 -0.6 -0.9 -0.9 Jul-10 1.8 1.8 2.1 2.4

Aug-10 2.1 1.8 1.8 1.9 Sep-10 0.6 0.7 0.7 0.8 Oct-10 0.0 0.0 0.0 0.0 Nov-10 0.0 0.0 0.0 0.0 Dec-10 0.0 0.0 0.0 0.0

CZEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 101.6 101.6 102.4 101.1 Q4-07 139.0 137.7 141.2 139.2 Jul-08 3.8 3.5 3.6 3.5 1999 100.0 100.0 100.0 100.0 Q1-08 150.3 149.6 153.4 151.0 Aug-08 -3.3 -3.2 -3.7 -3.9 2000 105.0 103.6 102.3 101.7 Q2-08 153.2 152.4 156.8 154.5 Sep-08 -1.1 -0.9 -1.2 -1.2 2001 112.0 110.2 109.0 107.9 Q3-08 157.7 156.3 160.3 157.5 Oct-08 -0.9 -0.4 -0.9 -1.2 2002 123.0 121.4 120.6 119.5 Q4-08 149.5 150.6 152.8 149.7 Nov-08 -1.9 -1.2 -1.6 -1.8 2003 116.5 116.9 117.6 117.1 Q1-09 139.1 143.1 144.8 142.7 Dec-08 -3.7 -2.5 -2.2 -1.6 2004 116.6 116.9 118.4 117.8 Q2-09 143.3 146.5 148.8 146.5 Jan-09 -2.0 -1.5 -1.8 -1.6 2005 124.1 123.6 124.9 123.7 Q3-09 148.8 150.9 153.7 151.6 Feb-09 -5.0 -4.5 -4.7 -4.5 2006 130.3 129.5 131.2 129.1 Q4-09 145.7 148.0 150.8 148.6 Mar-09 4.5 4.8 5.1 5.0 2007 133.7 132.2 135.0 132.8 Q1-10 147.6 148.9 150.7 147.6 Apr-09 1.4 0.8 0.8 0.7 2008 152.8 152.1 155.4 152.6 Q2-10 149.0 149.8 150.5 146.5 May-09 0.2 -0.2 0.0 0.0 2009 144.3 147.0 149.1 146.8 Q3-10 153.1 153.6 154.2 150.2 Jun-09 0.5 0.5 0.7 0.8 2010 150.7 151.2 152.0 148.2 Q4-10 152.7 153.2 154.2 150.7 Jul-09 3.1 2.6 2.5 2.6

Aug-09 0.0 -0.3 -0.2 0.0 Sep-09 0.8 1.1 1.1 1.1 Oct-09 -2.4 -2.1 -2.1 -2.2 Nov-09 0.3 0.0 0.1 0.0 Dec-09 -1.4 -1.4 -1.5 -1.5 Jan-10 1.7 1.1 0.7 0.4 Feb-10 0.2 0.1 -0.3 -0.6 Mar-10 1.1 1.1 1.0 0.8 Apr-10 1.1 0.8 0.7 0.5 May-10 -1.3 -1.1 -1.6 -1.9 Jun-10 -0.4 -0.6 -0.9 -1.0 Jul-10 2.3 2.3 2.5 2.7


vs (the rest of) vs (the rest of) vs (the rest of)

Czech Republic - CZK

(index 1999 = 100) (index 1999 = 100)






vs (the rest of)vs (the rest of) vs (the rest of)

monthly % change


2 - 7

80

90

100

110

120

130

140

150

160

170

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Czech Republic - NEER

80

90

100

110

120

130

140

150

160

170

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Czech Republic - REER (HICP/CPI)

CZ vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 100.2 100.3 100.9 Q4-07 142.4 139.2 142.7 1999 100.0 100.0 100.0 Q1-08 149.0 146.3 149.9 2000 103.8 102.4 101.1 Q2-08 153.0 149.9 154.2 2001 111.5 109.7 108.5 Q3-08 157.9 154.1 158.0 2002 123.9 122.0 121.5 Q4-08 150.9 149.9 151.9 2003 118.6 118.5 119.5 Q1-09 139.4 141.5 143.1 2004 121.6 121.2 122.9 Q2-09 145.0 146.5 148.7 2005 127.7 126.2 127.7 Q3-09 151.3 151.8 154.6 2006 133.6 131.4 133.2 Q4-09 149.1 149.7 152.4 2007 137.6 134.4 137.2 Q1-10 148.6 148.1 149.8 2008 152.7 149.8 152.9 Q2-10 149.6 148.6 149.0 2009 146.1 147.1 149.1 Q3-10 153.0 151.5 151.8 2010 151.2 149.9 150.4 Q4-10 153.7 152.3 153.0


1998 100.1 100.2 100.8 Q4-07 115.8 114.7 116.5 1999 100.0 100.0 100.0 Q1-08 118.1 117.3 119.1 2000 102.6 101.8 100.6 Q2-08 118.7 117.5 119.7 2001 106.1 105.1 103.9 Q3-08 121.2 119.2 121.1 2002 111.0 110.0 109.5 Q4-08 116.1 115.6 116.3 2003 108.7 108.7 109.4 Q1-09 108.0 109.5 110.1 2004 110.5 110.2 111.3 Q2-09 113.3 113.9 115.1 2005 113.4 112.8 113.5 Q3-09 118.4 118.1 119.9 2006 114.9 113.9 114.7 Q4-09 116.0 116.1 117.9 2007 115.3 113.9 115.4 Q1-10 114.3 114.1 115.1 2008 118.6 117.4 118.8 Q2-10 113.6 113.4 113.5 2009 113.9 114.3 115.4 Q3-10 114.9 114.6 114.5 2010 114.4 114.0 114.1 Q4-10 114.3 114.3 114.5


1998 99.6 99.5 100.3 Q4-07 157.3 153.8 158.0 1999 100.0 100.0 100.0 Q1-08 166.0 162.9 167.4 2000 104.4 102.8 101.7 Q2-08 171.1 167.7 173.0 2001 113.4 111.0 110.0 Q3-08 176.0 172.1 177.1 2002 130.3 128.3 128.0 Q4-08 166.7 165.9 169.0 2003 128.3 128.4 129.8 Q1-09 152.2 155.0 157.6 2004 129.3 129.4 131.6 Q2-09 156.8 159.1 162.6 2005 137.1 135.8 138.0 Q3-09 163.2 164.6 168.6 2006 145.1 143.3 145.7 Q4-09 161.4 163.0 167.1 2007 150.5 147.1 150.6 Q1-10 162.1 162.6 165.6 2008 169.9 166.8 170.9 Q2-10 164.6 164.5 166.1 2009 158.3 160.1 163.2 Q3-10 169.2 168.7 170.2 2010 166.5 166.0 167.7 Q4-10 170.3 169.9 171.8


1998 111.1 110.6 111.4 Q4-07 134.3 133.6 137.7 1999 100.0 100.0 100.0 Q1-08 137.7 137.7 141.9 2000 100.6 99.3 97.9 Q2-08 137.5 137.7 142.6 2001 114.8 113.1 111.6 Q3-08 137.3 137.6 142.4 2002 124.7 123.9 123.3 Q4-08 126.9 130.1 133.4 2003 125.5 127.3 128.5 Q1-09 113.6 119.7 122.8 2004 122.1 124.0 126.4 Q2-09 115.4 121.7 125.6 2005 126.7 127.2 129.4 Q3-09 119.3 125.3 129.8 2006 127.6 128.1 130.4 Q4-09 117.9 124.0 128.6 2007 131.2 130.5 133.8 Q1-10 118.8 124.0 127.6 2008 134.9 135.5 139.4 Q2-10 121.0 125.7 128.3 2009 116.5 122.4 126.1 Q3-10 124.8 129.2 131.7 2010 122.6 127.0 129.5 Q4-10 125.7 130.2 133.0

2 - 8


(index 1999 = 100) (index 1999 = 100)

Annual data





Quarterly data(index 1999 = 100) (index 1999 = 100)


70

80

90

100

110

120

130

140

150

160

170

95 97 99 01 03 05 07 09


Czech Republic - REER (PGDP)

80

90

100

110

120

130

95 97 99 01 03 05 07 09


Czech Republic - REER (PX)

70

80

90

100

110

120

130

140

150

160

170

180

95 97 99 01 03 05 07 09


Czech Republic - REER (ULCE)

80

90

100

110

120

130

140

150

95 97 99 01 03 05 07 09


Czech Republic - REER (ULCM)

top

DKEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.7 99.7 101.0 98.9 Q4-07 99.7 101.1 106.9 107.9 Jul-08 0.0 -0.1 0.2 0.2 1999 100.0 100.0 100.0 100.0 Q1-08 99.7 102.0 108.0 109.2 Aug-08 0.0 0.0 -0.8 -1.0 2000 99.8 98.1 95.6 95.3 Q2-08 99.6 102.1 108.8 110.2 Sep-08 0.0 0.4 -0.2 -0.2 2001 99.9 99.3 97.2 97.1 Q3-08 99.6 102.1 108.4 109.4 Oct-08 0.1 0.5 -0.4 -0.5 2002 100.2 99.7 98.6 98.8 Q4-08 99.7 104.5 108.6 109.4 Nov-08 0.1 1.2 0.3 0.2 2003 100.2 101.5 103.2 104.3 Q1-09 99.7 107.2 110.8 112.5 Dec-08 0.0 2.0 2.7 2.5 2004 100.0 101.2 104.4 105.9 Q2-09 99.7 106.5 110.9 112.6 Jan-09 0.0 0.5 0.0 0.9 2005 99.8 101.0 103.9 105.0 Q3-09 99.8 105.7 110.7 112.7 Feb-09 0.0 0.2 -0.4 -0.3 2006 99.7 100.7 104.2 104.9 Q4-09 99.8 106.2 111.0 113.0 Mar-09 0.0 0.7 1.3 1.2 2007 99.8 100.6 105.7 106.5 Q1-10 99.8 105.2 108.7 110.1 Apr-09 0.0 -0.8 -0.7 -0.8 2008 99.6 102.5 108.0 109.0 Q2-10 99.8 104.4 106.1 107.0 May-09 0.0 -0.5 -0.1 -0.1 2009 99.7 106.3 110.4 112.1 Q3-10 99.7 103.6 105.4 106.5 Jun-09 0.0 0.0 0.6 0.6 2010 99.7 104.1 106.1 107.3 Q4-10 99.6 103.7 106.0 107.5 Jul-09 0.0 -0.2 -0.2 -0.1

Aug-09 0.0 -0.8 -0.7 -0.6 Sep-09 0.0 0.4 0.4 0.5 Oct-09 0.0 0.5 0.4 0.3 Nov-09 0.0 -0.2 0.0 0.0 Dec-09 0.0 0.1 -0.3 -0.3 Jan-10 0.0 -0.6 -1.0 -1.2 Feb-10 0.0 -0.5 -1.2 -1.4 Mar-10 0.0 0.0 -0.3 -0.5 Apr-10 0.0 -0.5 -0.6 -0.8 May-10 0.0 0.0 -1.1 -1.4 Jun-10 0.0 -0.5 -0.9 -1.0 Jul-10 -0.2 -0.2 0.5 0.7

Aug-10 0.0 -0.3 -0.3 -0.2 Sep-10 0.0 0.0 0.0 0.1 Oct-10 -0.1 0.4 1.3 1.7 Nov-10 0.0 -0.2 -0.4 -0.5 Dec-10 0.0 -0.3 -1.0 -1.3

DKEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 98.8 99.0 100.7 99.9 Q4-07 98.3 99.7 105.0 103.6 Jul-08 -0.3 -0.3 -0.2 -0.3 1999 100.0 100.0 100.0 100.0 Q1-08 98.8 101.1 106.6 105.0 Aug-08 0.3 0.2 -0.6 -0.8 2000 100.3 98.6 95.8 95.3 Q2-08 98.7 101.1 107.3 105.8 Sep-08 0.3 0.6 -0.1 0.0 2001 100.1 99.7 97.2 96.4 Q3-08 98.6 101.0 106.5 104.7 Oct-08 0.0 0.4 -0.5 -0.6 2002 100.6 100.4 98.9 98.4 Q4-08 98.9 103.3 107.1 104.9 Nov-08 0.3 1.4 0.7 0.4 2003 100.7 102.3 103.5 103.5 Q1-09 99.4 106.3 109.5 108.0 Dec-08 -0.4 1.6 2.5 2.3 2004 99.6 101.0 103.8 103.8 Q2-09 99.5 105.6 109.6 108.0 Jan-09 0.3 0.6 -0.1 0.7 2005 99.1 100.6 103.0 102.4 Q3-09 99.8 104.8 109.3 107.8 Feb-09 0.4 0.6 0.0 0.2 2006 98.8 100.1 103.0 101.7 Q4-09 99.6 105.0 109.3 107.8 Mar-09 0.1 0.8 1.3 1.2 2007 98.4 99.5 104.0 102.5 Q1-10 100.4 104.7 107.6 105.6 Apr-09 -0.3 -1.2 -1.0 -1.1 2008 98.8 101.5 106.3 104.5 Q2-10 100.3 103.8 105.1 102.6 May-09 0.4 -0.3 0.1 0.1 2009 99.6 105.3 108.9 107.3 Q3-10 100.5 103.3 104.7 102.3 Jun-09 0.0 0.0 0.5 0.5 2010 100.3 103.5 105.1 102.7 Q4-10 100.1 102.9 104.9 102.8 Jul-09 0.1 -0.3 -0.4 -0.4

Aug-09 -0.1 -0.8 -0.7 -0.6 Sep-09 0.3 0.6 0.5 0.6 Oct-09 -0.1 0.4 0.3 0.2 Nov-09 0.0 -0.3 -0.1 -0.2 Dec-09 -0.5 -0.4 -0.7 -0.7 Jan-10 0.9 0.2 -0.5 -0.8 Feb-10 0.4 0.0 -0.7 -1.0 Mar-10 -0.1 0.0 -0.2 -0.4 Apr-10 -0.1 -0.6 -0.7 -0.9 May-10 -0.2 -0.2 -1.3 -1.5 Jun-10 0.0 -0.6 -1.0 -1.1 Jul-10 0.1 0.0 0.7 0.8

Aug-10 0.2 -0.1 0.0 0.1 Sep-10 0.2 0.1 0.1 0.2 Oct-10 -0.4 0.1 1.0 1.2 Nov-10 0.0 -0.3 -0.4 -0.6 Dec-10 -0.5 -0.9 -1.5 -1.8


2 - 9





Denmark - DKK



90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Denmark - NEER

90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Denmark - REER (HICP/CPI)

DK vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 99.0 99.4 101.2 Q4-07 104.5 104.2 108.5 1999 100.0 100.0 100.0 Q1-08 105.4 105.8 110.1 2000 101.4 99.5 96.1 Q2-08 105.9 106.4 111.3 2001 101.5 100.8 97.9 Q3-08 106.0 106.5 110.8 2002 101.7 101.0 99.5 Q4-08 105.9 108.6 110.9 2003 101.5 102.4 103.7 Q1-09 105.4 110.9 112.6 2004 102.2 102.7 105.3 Q2-09 105.1 109.7 112.5 2005 103.2 103.7 105.6 Q3-09 105.2 108.8 112.2 2006 103.6 103.6 105.6 Q4-09 105.7 109.6 112.8 2007 103.7 103.1 106.8 Q1-10 106.5 109.2 110.9 2008 105.7 106.6 110.2 Q2-10 107.2 109.0 108.8 2009 105.3 109.6 112.0 Q3-10 107.7 108.7 108.4 2010 107.3 108.8 108.8 Q4-10 108.0 109.0 109.4


1998 99.4 99.8 101.5 Q4-07 111.7 112.2 113.1 1999 100.0 100.0 100.0 Q1-08 113.4 114.5 115.1 2000 104.0 102.5 98.8 Q2-08 114.3 115.2 116.3 2001 104.9 104.6 101.0 Q3-08 114.0 114.3 115.1 2002 104.3 104.0 102.0 Q4-08 112.7 114.7 113.7 2003 104.5 105.4 105.8 Q1-09 110.6 114.9 113.9 2004 105.6 106.3 107.2 Q2-09 108.7 111.7 112.2 2005 108.8 109.7 109.3 Q3-09 107.4 109.3 110.8 2006 109.3 109.8 109.1 Q4-09 106.8 109.4 110.9 2007 109.9 110.1 110.7 Q1-10 106.8 108.8 108.9 2008 113.6 114.5 114.7 Q2-10 107.1 108.6 106.9 2009 108.3 111.2 111.6 Q3-10 107.3 108.5 106.6 2010 107.2 108.6 107.2 Q4-10 107.5 108.9 107.7


1998 98.6 98.7 100.5 Q4-07 111.1 109.6 115.3 1999 100.0 100.0 100.0 Q1-08 112.2 111.6 117.4 2000 99.2 96.6 94.1 Q2-08 112.8 112.5 119.2 2001 101.2 99.2 97.1 Q3-08 113.2 113.0 119.3 2002 102.7 101.0 100.1 Q4-08 113.4 115.7 119.9 2003 103.0 103.2 105.4 Q1-09 113.2 118.6 122.4 2004 102.8 102.8 106.6 Q2-09 113.1 117.6 122.7 2005 104.0 103.7 107.1 Q3-09 113.1 116.7 122.4 2006 105.7 104.9 108.3 Q4-09 113.3 117.2 122.9 2007 109.5 107.6 112.5 Q1-10 113.5 116.3 120.4 2008 112.9 113.0 118.3 Q2-10 113.8 115.6 117.7 2009 113.2 117.3 121.9 Q3-10 113.9 115.0 117.1 2010 113.8 115.3 117.6 Q4-10 114.1 115.3 118.0


1998 98.3 97.8 99.4 Q4-07 115.5 116.7 123.6 1999 100.0 100.0 100.0 Q1-08 113.3 115.8 122.7 2000 99.8 97.5 94.5 Q2-08 110.5 113.7 121.4 2001 102.7 101.0 97.9 Q3-08 108.0 111.6 119.1 2002 105.2 104.4 102.7 Q4-08 106.0 112.4 118.2 2003 107.8 109.5 111.5 Q1-09 104.4 114.0 119.9 2004 107.3 109.6 114.0 Q2-09 103.4 112.5 119.8 2005 111.0 113.0 117.4 Q3-09 102.9 111.2 119.5 2006 111.4 113.5 117.5 Q4-09 103.0 111.7 120.0 2007 116.1 116.9 122.8 Q1-10 103.4 111.0 117.6 2008 109.4 113.1 119.6 Q2-10 103.9 110.5 115.1 2009 103.4 112.1 119.1 Q3-10 104.3 110.1 114.4 2010 104.0 110.3 114.9 Q4-10 104.5 110.4 115.4

(index 1999 = 100)

(index 1999 = 100)

(index 1999 = 100)


(index 1999 = 100)

2 - 10

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100)


(index 1999 = 100)


95

100

105

110

115

95 97 99 01 03 05 07 09


Denmark - REER (PGDP)

95

100

105

110

115

120

95 97 99 01 03 05 07 09


Denmark - REER (PX)

90

95

100

105

110

115

120

125

95 97 99 01 03 05 07 09


Denmark - REER (ULCE)

80

90

100

110

120

130

140

95 97 99 01 03 05 07 09


Denmark - REER (ULCM)

top

DEEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.7 99.5 100.6 98.1 Q4-07 99.8 100.6 109.5 110.8 Jul-08 0.0 -0.3 0.0 0.1 1999 100.0 100.0 100.0 100.0 Q1-08 99.8 101.4 110.4 111.9 Aug-08 0.0 0.1 -1.0 -1.3 2000 100.0 98.5 95.6 95.3 Q2-08 99.7 101.6 111.6 113.3 Sep-08 0.0 0.4 -0.6 -0.5 2001 100.1 99.1 96.9 96.7 Q3-08 99.6 101.4 110.5 111.9 Oct-08 0.0 0.4 -1.1 -1.1 2002 100.1 99.2 98.6 99.0 Q4-08 99.6 103.5 109.3 110.4 Nov-08 0.0 1.2 -0.1 -0.3 2003 100.1 101.4 104.4 106.0 Q1-09 99.6 106.4 111.4 113.8 Dec-08 0.0 1.9 2.4 2.4 2004 100.1 101.2 106.2 108.3 Q2-09 99.6 105.6 111.8 114.0 Jan-09 0.0 0.8 0.2 1.2 2005 100.0 100.8 105.6 107.1 Q3-09 99.6 104.9 111.9 114.5 Feb-09 0.0 0.3 -0.3 0.0 2006 100.0 100.5 106.1 107.0 Q4-09 99.6 105.4 112.6 115.2 Mar-09 0.0 0.5 1.2 1.0 2007 99.8 100.2 108.0 109.0 Q1-10 99.6 104.6 110.1 112.1 Apr-09 0.0 -0.8 -0.6 -0.7 2008 99.7 101.9 110.0 111.4 Q2-10 99.6 104.0 107.4 108.6 May-09 0.0 -0.4 0.1 0.1 2009 99.6 105.5 111.5 113.9 Q3-10 99.6 103.5 106.8 108.4 Jun-09 0.0 -0.2 0.4 0.5 2010 99.6 103.9 107.5 109.2 Q4-10 99.6 103.8 107.8 109.9 Jul-09 0.0 -0.3 -0.3 -0.1

Aug-09 0.0 -0.4 -0.2 -0.1 Sep-09 0.0 0.5 0.5 0.6 Oct-09 0.0 0.5 0.5 0.4 Nov-09 0.0 -0.3 -0.1 -0.1 Dec-09 0.0 0.0 -0.4 -0.4 Jan-10 0.0 -0.5 -1.0 -1.2 Feb-10 0.0 -0.3 -1.2 -1.4 Mar-10 0.0 0.1 -0.3 -0.5 Apr-10 0.0 -0.5 -0.6 -0.9 May-10 0.0 0.1 -1.4 -1.6 Jun-10 0.0 -0.4 -1.0 -1.1 Jul-10 0.0 0.0 0.8 1.1


DEEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 100.5 100.7 102.8 101.5 Q4-07 94.4 94.9 101.6 99.8 Jul-08 1.1 0.6 0.8 0.6 1999 100.0 100.0 100.0 100.0 Q1-08 94.4 95.6 102.3 100.4 Aug-08 -0.4 -0.4 -1.3 -1.6 2000 98.8 97.1 93.8 93.3 Q2-08 93.3 94.8 102.4 100.6 Sep-08 -0.4 0.0 -0.9 -0.8 2001 98.0 96.8 93.7 93.0 Q3-08 93.9 95.0 101.7 99.5 Oct-08 -0.3 0.1 -1.3 -1.4 2002 96.7 95.9 94.2 93.9 Q4-08 93.4 96.4 100.2 97.8 Nov-08 -0.1 1.0 -0.1 -0.4 2003 95.4 96.9 98.5 98.7 Q1-09 93.9 99.3 102.4 100.8 Dec-08 0.7 2.6 3.2 3.1 2004 95.0 96.3 99.7 100.1 Q2-09 93.2 97.9 102.1 100.3 Jan-09 0.2 0.8 0.0 0.8 2005 94.8 95.6 98.7 98.2 Q3-09 93.9 97.5 102.4 100.8 Feb-09 0.1 0.3 -0.1 0.1 2006 94.3 95.0 98.7 97.3 Q4-09 93.4 97.5 102.6 100.9 Mar-09 -0.7 -0.1 0.6 0.4 2007 94.5 94.6 100.4 98.6 Q1-10 93.7 96.8 100.2 98.0 Apr-09 -0.3 -1.0 -0.8 -1.0 2008 93.8 95.4 101.3 99.1 Q2-10 92.8 95.4 97.2 94.3 May-09 -0.2 -0.7 -0.2 -0.1 2009 93.6 98.0 102.0 100.2 Q3-10 93.4 95.5 97.0 94.4 Jun-09 0.3 0.0 0.6 0.7 2010 93.2 95.7 97.6 95.0 Q4-10 93.0 95.3 97.6 95.2 Jul-09 0.9 0.3 0.1 0.1

Aug-09 -0.2 -0.5 -0.2 0.0 Sep-09 -0.6 -0.1 -0.1 0.0 Oct-09 -0.1 0.4 0.4 0.3 Nov-09 -0.3 -0.6 -0.5 -0.5 Dec-09 0.9 0.9 0.4 0.4 Jan-10 0.1 -0.7 -1.5 -1.8 Feb-10 -0.2 -0.4 -1.2 -1.5 Mar-10 -0.5 -0.3 -0.5 -0.7 Apr-10 -0.6 -1.0 -1.1 -1.4 May-10 0.0 0.0 -1.4 -1.6 Jun-10 0.1 -0.4 -1.0 -1.1 Jul-10 1.0 0.8 1.4 1.6

Aug-10 -0.3 -0.6 -0.5 -0.3 Sep-10 -0.6 -0.4 -0.3 -0.2 Oct-10 -0.2 0.3 1.4 1.7 Nov-10 0.0 -0.3 -0.6 -0.7 Dec-10 0.8 0.6 0.0 -0.4

vs the rest of vs the rest of vs the rest of

Germany - euro (before 1999: DEM)






2 - 11

90

95

100

105

110

115

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Germany - NEER

90

95

100

105

110

115

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Germany - REER (HICP/CPI)

DE vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 100.7 101.0 102.8 Q4-07 87.3 86.6 93.7 1999 100.0 100.0 100.0 Q1-08 86.8 86.8 93.9 2000 96.9 95.3 92.1 Q2-08 86.4 86.5 94.4 2001 95.2 94.1 91.5 Q3-08 86.3 86.2 93.3 2002 93.8 92.7 91.8 Q4-08 86.5 88.1 92.4 2003 92.7 93.5 96.0 Q1-09 86.9 90.8 94.4 2004 91.7 92.1 96.2 Q2-09 87.2 90.4 95.0 2005 90.1 90.1 94.0 Q3-09 87.3 89.7 95.1 2006 88.3 88.0 92.3 Q4-09 87.2 90.0 95.4 2007 87.7 86.8 93.1 Q1-10 87.1 89.0 92.9 2008 86.5 86.8 93.1 Q2-10 86.8 88.1 90.2 2009 87.1 90.1 94.5 Q3-10 86.6 87.5 89.4 2010 86.7 87.9 90.2 Q4-10 86.5 87.5 90.1


1998 100.2 100.6 102.0 Q4-07 89.1 89.7 94.7 1999 100.0 100.0 100.0 Q1-08 88.2 89.4 94.3 2000 98.1 96.8 94.1 Q2-08 87.5 88.6 94.3 2001 97.5 96.8 94.0 Q3-08 87.1 87.6 92.8 2002 97.8 97.0 95.7 Q4-08 87.2 89.0 91.6 2003 97.1 97.6 99.3 Q1-09 87.4 91.2 93.5 2004 95.7 96.2 99.0 Q2-09 87.6 90.4 94.0 2005 93.5 94.1 96.5 Q3-09 87.7 89.6 94.3 2006 91.8 92.2 94.9 Q4-09 87.6 90.1 94.9 2007 90.1 90.5 94.8 Q1-10 87.3 89.4 92.8 2008 87.5 88.6 92.9 Q2-10 86.9 88.8 90.4 2009 87.5 90.3 93.8 Q3-10 86.7 88.4 89.8 2010 86.8 88.7 90.5 Q4-10 86.5 88.5 90.5


1998 100.6 100.8 102.9 Q4-07 83.6 82.5 90.2 1999 100.0 100.0 100.0 Q1-08 83.1 82.7 90.5 2000 99.2 96.8 93.6 Q2-08 82.7 82.6 91.2 2001 96.8 94.6 92.1 Q3-08 82.7 82.4 90.5 2002 94.8 93.0 92.4 Q4-08 83.1 84.4 89.9 2003 93.2 93.5 96.5 Q1-09 83.5 87.2 92.3 2004 91.8 91.9 96.8 Q2-09 83.9 86.9 93.2 2005 89.2 88.8 93.5 Q3-09 84.0 86.3 93.4 2006 86.1 85.5 90.6 Q4-09 83.9 86.6 93.8 2007 84.3 83.0 89.9 Q1-10 83.6 85.6 91.3 2008 82.9 82.9 90.1 Q2-10 83.3 84.7 88.6 2009 83.8 86.7 92.8 Q3-10 83.1 84.1 87.8 2010 83.3 84.6 88.7 Q4-10 83.2 84.3 88.6


1998 99.4 99.2 101.2 Q4-07 84.3 84.9 93.5 1999 100.0 100.0 100.0 Q1-08 84.6 86.0 94.6 2000 99.8 97.5 93.7 Q2-08 85.3 87.2 96.8 2001 98.2 96.1 92.4 Q3-08 86.9 88.8 98.2 2002 98.1 96.4 94.9 Q4-08 89.3 93.3 100.3 2003 95.8 96.8 99.3 Q1-09 91.8 98.8 105.8 2004 92.9 94.4 99.7 Q2-09 94.0 100.5 109.1 2005 89.6 90.4 95.8 Q3-09 95.1 100.8 110.7 2006 85.8 86.9 92.4 Q4-09 95.1 101.3 111.3 2007 84.5 84.8 92.4 Q1-10 94.4 99.7 107.8 2008 86.5 88.7 97.0 Q2-10 93.5 98.0 103.9 2009 94.0 100.2 108.7 Q3-10 92.9 96.9 102.5 2010 93.4 97.8 103.9 Q4-10 92.8 97.0 103.3


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 12

(index 1999 = 100) (index 1999 = 100)


85

90

95

100

105

110

115

120

95 97 99 01 03 05 07 09


Germany - REER (PGDP)

85

90

95

100

105

110

115

95 97 99 01 03 05 07 09


Germany - REER (PX)

80

85

90

95

100

105

110

115

120

95 97 99 01 03 05 07 09


Germany - REER (ULCE)

80

85

90

95

100

105

110

115

95 97 99 01 03 05 07 09


Germany - REER (ULCM)

top

EEEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.8 100.3 100.2 87.9 Q4-07 100.0 100.9 104.8 108.7 Jul-08 0.0 -0.1 0.1 0.1 1999 100.0 100.0 100.0 100.0 Q1-08 100.0 101.4 105.5 109.7 Aug-08 0.0 0.0 -0.7 -1.0 2000 100.1 97.5 96.5 96.4 Q2-08 99.9 101.4 106.1 110.6 Sep-08 0.0 0.4 -0.1 -0.1 2001 100.1 98.9 98.2 98.0 Q3-08 99.9 101.4 105.6 109.8 Oct-08 0.0 0.6 0.1 -0.4 2002 100.1 98.9 98.8 100.0 Q4-08 99.9 103.4 106.4 109.9 Nov-08 0.0 0.9 0.3 0.0 2003 100.2 100.6 102.0 105.2 Q1-09 99.9 105.5 108.3 114.5 Dec-08 0.0 1.5 2.1 2.4 2004 100.1 100.7 103.0 106.7 Q2-09 99.9 105.0 108.4 114.4 Jan-09 0.0 0.4 0.1 1.9 2005 100.1 100.8 102.8 106.2 Q3-09 99.9 104.2 107.9 114.5 Feb-09 0.0 0.4 0.0 0.7 2006 100.1 100.7 103.0 105.9 Q4-09 99.9 104.4 108.2 114.5 Mar-09 0.0 0.5 0.9 0.7 2007 100.0 100.5 104.1 107.4 Q1-10 99.9 103.7 106.4 111.8 Apr-09 0.0 -0.7 -0.6 -0.8 2008 99.9 101.6 105.6 109.4 Q2-10 99.9 103.0 104.6 108.8 May-09 0.0 -0.5 -0.2 -0.3 2009 99.9 104.6 108.0 113.9 Q3-10 99.9 102.5 104.1 108.8 Jun-09 0.0 0.1 0.5 0.5 2010 99.9 102.7 104.7 109.3 Q4-10 99.9 102.5 104.5 110.1 Jul-09 0.0 -0.2 -0.3 0.1

Aug-09 0.0 -0.8 -0.8 -0.5 Sep-09 0.0 0.2 0.3 0.2 Oct-09 0.0 0.4 0.4 0.0 Nov-09 0.0 -0.1 0.0 -0.1 Dec-09 0.0 0.1 -0.2 -0.1 Jan-10 0.0 -0.4 -0.8 -1.2 Feb-10 0.0 -0.4 -0.9 -1.3 Mar-10 0.0 -0.2 -0.4 -0.8 Apr-10 0.0 -0.3 -0.5 -0.8 May-10 0.0 0.1 -0.7 -1.1 Jun-10 0.0 -0.3 -0.6 -0.7 Jul-10 0.0 0.0 0.4 0.9

Aug-10 0.0 -0.3 -0.3 -0.2 Sep-10 0.0 -0.2 -0.1 0.2 Oct-10 0.0 0.0 0.0 0.0 Nov-10 0.0 0.0 0.0 0.0 Dec-10 0.0 0.0 0.0 0.0

EEEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 98.0 98.6 99.4 95.1 Q4-07 120.7 120.1 122.8 115.9 Jul-08 0.7 0.7 0.8 0.7 1999 100.0 100.0 100.0 100.0 Q1-08 123.8 123.2 126.2 118.8 Aug-08 0.3 0.2 -0.4 -0.7 2000 101.6 99.1 97.6 96.0 Q2-08 124.9 123.9 127.6 120.2 Sep-08 0.6 0.8 0.3 0.3 2001 104.6 103.5 101.9 98.7 Q3-08 126.5 125.5 128.5 120.5 Oct-08 0.5 0.9 0.4 -0.2 2002 106.0 105.1 103.9 100.8 Q4-08 127.9 128.9 130.6 121.3 Nov-08 0.3 1.1 0.6 0.2 2003 105.7 106.4 106.7 104.2 Q1-09 126.6 129.8 131.1 124.1 Dec-08 -0.1 1.6 2.2 2.4 2004 107.2 107.9 109.0 105.8 Q2-09 124.3 126.8 128.7 121.4 Jan-09 -0.1 -0.2 -0.6 0.9 2005 109.6 110.3 111.1 106.7 Q3-09 125.4 126.9 129.1 122.2 Feb-09 -1.1 -0.7 -1.1 -0.4 2006 112.4 112.7 113.7 107.8 Q4-09 124.6 126.5 128.7 121.4 Mar-09 -0.7 -0.2 0.2 -0.2 2007 117.5 116.9 119.4 112.7 Q1-10 125.3 126.1 127.0 118.7 Apr-09 -0.8 -1.5 -1.4 -1.6 2008 125.8 125.0 127.9 120.0 Q2-10 126.3 126.3 125.9 116.4 May-09 0.0 -0.5 -0.3 -0.4 2009 125.3 127.0 129.1 122.1 Q3-10 127.5 126.8 126.5 117.2 Jun-09 -0.4 -0.2 0.1 0.1 2010 126.9 126.3 126.5 117.7 Q4-10 128.3 127.5 127.8 119.0 Jul-09 1.5 1.1 1.1 1.2

Aug-09 -0.5 -1.1 -1.0 -0.7 Sep-09 -0.2 0.0 0.0 0.0 Oct-09 -0.1 0.3 0.3 -0.1 Nov-09 -0.3 -0.4 -0.3 -0.4 Dec-09 -0.2 0.0 -0.2 -0.1 Jan-10 0.8 0.1 -0.5 -1.0 Feb-10 -0.2 -0.6 -1.1 -1.5 Mar-10 0.4 0.4 0.2 -0.1 Apr-10 0.2 -0.1 -0.3 -0.6 May-10 0.2 0.3 -0.4 -0.9 Jun-10 0.4 0.1 -0.2 -0.3 Jul-10 0.6 0.5 1.0 1.2

Aug-10 -0.3 -0.5 -0.4 -0.4 Sep-10 0.6 0.3 0.3 0.6 Oct-10 0.0 0.0 0.0 0.0 Nov-10 0.0 0.0 0.0 0.0 Dec-10 0.0 0.0 0.0 0.0


2 - 13





Estonia - EEK



70

80

90

100

110

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Estonia - NEER

60

70

80

90

100

110

120

130

140

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Estonia - REER (HICP/CPI)

EE vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 94.4 95.2 95.8 Q4-07 138.7 133.9 136.1 1999 100.0 100.0 100.0 Q1-08 140.8 135.8 138.1 2000 102.9 100.0 98.3 Q2-08 142.1 136.7 139.6 2001 105.6 104.1 102.4 Q3-08 142.6 137.1 139.3 2002 106.9 105.4 104.2 Q4-08 142.4 139.6 140.2 2003 109.9 109.9 110.2 Q1-09 141.7 142.0 142.4 2004 112.3 112.0 113.0 Q2-09 140.8 140.6 141.9 2005 116.9 115.9 116.4 Q3-09 140.1 138.9 140.6 2006 124.9 122.7 123.1 Q4-09 139.6 138.7 140.4 2007 134.8 130.4 132.5 Q1-10 139.4 137.3 137.5 2008 141.8 136.6 138.7 Q2-10 139.4 136.3 134.9 2009 140.4 139.4 140.7 Q3-10 139.6 135.7 134.3 2010 139.4 135.6 134.8 Q4-10 139.9 135.9 135.0


1998 98.2 99.0 99.7 Q4-07 134.5 129.8 129.9 1999 100.0 100.0 100.0 Q1-08 136.6 131.7 131.6 2000 104.4 101.8 99.9 Q2-08 137.9 132.5 132.9 2001 110.7 109.1 107.0 Q3-08 138.3 132.4 132.2 2002 112.0 110.4 109.0 Q4-08 138.0 134.2 132.8 2003 115.4 114.6 114.6 Q1-09 137.3 136.1 134.7 2004 117.5 116.0 116.2 Q2-09 136.8 134.7 134.6 2005 119.4 117.4 116.6 Q3-09 136.9 133.8 134.4 2006 122.5 119.6 118.4 Q4-09 137.7 135.0 135.7 2007 130.7 126.4 126.5 Q1-10 138.9 135.3 134.6 2008 137.6 132.3 131.9 Q2-10 139.9 135.7 133.4 2009 137.1 134.5 134.4 Q3-10 140.6 135.9 133.5 2010 140.0 135.4 133.5 Q4-10 140.7 136.1 134.3


1998 96.9 97.4 98.4 Q4-07 151.1 143.3 146.8 1999 100.0 100.0 100.0 Q1-08 156.1 148.0 151.8 2000 101.5 98.5 97.2 Q2-08 159.6 151.0 155.7 2001 101.6 99.7 98.5 Q3-08 161.0 152.5 156.6 2002 102.2 100.7 100.0 Q4-08 160.2 155.2 157.6 2003 105.9 105.9 106.8 Q1-09 157.9 157.0 159.2 2004 110.4 110.2 111.9 Q2-09 154.8 154.0 157.0 2005 112.9 111.7 113.1 Q3-09 151.5 150.1 153.8 2006 122.4 119.4 120.8 Q4-09 148.6 147.9 151.6 2007 142.1 135.3 138.4 Q1-10 146.1 144.5 146.7 2008 159.1 150.8 154.5 Q2-10 144.2 141.9 142.3 2009 153.0 151.3 154.5 Q3-10 143.1 140.3 140.7 2010 143.9 140.8 141.8 Q4-10 142.7 139.9 140.9


1998 101.6 101.3 102.3 Q4-07 144.6 140.0 143.4 1999 100.0 100.0 100.0 Q1-08 146.5 142.2 145.9 2000 104.0 101.0 99.3 Q2-08 147.4 143.5 148.2 2001 101.9 100.4 98.6 Q3-08 147.5 144.8 149.3 2002 106.3 105.9 104.6 Q4-08 146.9 148.9 152.2 2003 107.9 109.3 109.9 Q1-09 145.7 153.0 156.4 2004 110.3 112.3 114.1 Q2-09 143.8 152.2 156.9 2005 112.3 113.1 114.6 Q3-09 141.4 149.7 155.2 2006 120.7 120.3 121.6 Q4-09 138.7 147.7 153.2 2007 138.5 134.5 137.7 Q1-10 136.2 143.9 147.7 2008 146.8 143.7 147.9 Q2-10 134.1 140.6 142.5 2009 142.0 149.5 154.4 Q3-10 132.8 138.4 140.3 2010 133.6 139.1 141.8 Q4-10 132.4 138.0 140.4

(index 1999 = 100)

(index 1999 = 100)

(index 1999 = 100)


(index 1999 = 100)

2 - 14

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100)


(index 1999 = 100)


60

70

80

90

100

110

120

130

140

150

95 97 99 01 03 05 07 09


Estonia - REER (PGDP)

60

70

80

90

100

110

120

130

140

150

95 97 99 01 03 05 07 09


Estonia - REER (PX)

60

80

100

120

140

160

180

95 97 99 01 03 05 07 09


Estonia - REER (ULCE)

60

80

100

120

140

160

95 97 99 01 03 05 07 09


Estonia - REER (ULCM)

top

GREA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.0 98.2 97.7 93.3 Q4-07 95.5 98.0 108.6 111.1 Jul-08 0.0 -0.2 0.0 0.0 1999 100.0 100.0 100.0 100.0 Q1-08 95.5 98.8 109.7 112.4 Aug-08 0.0 0.0 -0.9 -1.1 2000 96.7 96.0 94.9 94.6 Q2-08 95.5 98.9 110.8 113.8 Sep-08 0.0 0.3 -0.2 -0.2 2001 95.6 96.0 97.9 97.6 Q3-08 95.5 98.7 109.8 112.5 Oct-08 0.0 0.3 -0.2 -0.3 2002 95.6 96.6 100.4 101.0 Q4-08 95.5 100.1 109.9 112.3 Nov-08 0.0 0.7 0.2 0.0 2003 95.7 98.5 105.4 107.6 Q1-09 95.4 102.1 111.9 115.7 Dec-08 0.0 1.2 1.6 1.8 2004 95.7 98.5 106.8 109.6 Q2-09 95.4 101.6 111.9 115.6 Jan-09 0.0 0.7 0.4 1.5 2005 95.6 98.0 105.9 108.3 Q3-09 95.4 101.2 112.0 116.0 Feb-09 0.0 0.1 -0.2 0.1 2006 95.6 97.9 106.5 108.3 Q4-09 95.4 101.6 112.6 116.5 Mar-09 0.0 0.3 0.9 0.8 2007 95.5 97.6 107.5 109.5 Q1-10 95.4 101.0 110.8 114.1 Apr-09 0.0 -0.5 -0.6 -0.8 2008 95.5 99.1 109.6 112.1 Q2-10 95.4 100.7 109.0 111.4 May-09 0.0 -0.3 0.0 0.0 2009 95.4 101.6 111.6 115.3 Q3-10 95.4 100.5 108.8 111.5 Jun-09 0.0 -0.2 0.3 0.4 2010 95.4 100.7 109.1 111.8 Q4-10 95.4 100.7 109.5 112.7 Jul-09 0.0 -0.1 -0.2 0.0

Aug-09 0.0 -0.2 -0.1 0.0 Sep-09 0.0 0.3 0.5 0.5 Oct-09 0.0 0.4 0.4 0.2 Nov-09 0.0 -0.2 0.0 0.0 Dec-09 0.0 0.0 -0.3 -0.3 Jan-10 0.0 -0.4 -0.8 -1.1 Feb-10 0.0 -0.2 -0.7 -1.0 Mar-10 0.0 0.1 -0.1 -0.4 Apr-10 0.0 -0.3 -0.5 -0.7 May-10 0.0 0.0 -0.9 -1.2 Jun-10 0.0 -0.2 -0.6 -0.7 Jul-10 0.0 0.1 0.6 0.9


GREA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 98.1 98.1 99.4 97.7 Q4-07 105.4 103.9 106.8 103.5 Jul-08 -0.7 -1.0 -0.9 -0.9 1999 100.0 100.0 100.0 100.0 Q1-08 105.1 104.2 107.3 103.9 Aug-08 -1.1 -1.1 -1.9 -2.2 2000 97.3 95.8 93.2 92.2 Q2-08 106.0 105.2 109.1 105.8 Sep-08 1.9 2.2 1.7 1.7 2001 97.2 96.0 94.2 92.3 Q3-08 104.9 103.8 106.8 103.2 Oct-08 0.0 0.3 -0.2 -0.5 2002 98.8 97.6 96.4 94.7 Q4-08 106.1 106.2 107.9 103.8 Nov-08 0.3 1.0 0.5 0.2 2003 100.2 100.7 101.5 100.4 Q1-09 105.8 107.8 109.3 106.2 Dec-08 -0.2 1.1 1.6 1.7 2004 101.1 101.3 103.1 101.9 Q2-09 106.5 107.9 110.0 106.6 Jan-09 0.4 0.9 0.4 1.2 2005 102.5 101.9 103.0 100.8 Q3-09 106.2 107.0 109.4 106.3 Feb-09 -1.7 -1.6 -1.8 -1.5 2006 103.7 102.6 104.1 100.9 Q4-09 107.7 108.9 111.4 108.1 Mar-09 1.6 2.0 2.5 2.4 2007 104.5 102.8 105.1 101.6 Q1-10 107.9 108.2 109.4 105.4 Apr-09 0.1 -0.4 -0.5 -0.7 2008 105.5 104.7 107.2 103.4 Q2-10 110.4 110.3 110.2 105.4 May-09 0.2 -0.2 0.1 0.0 2009 106.5 107.7 109.4 106.0 Q3-10 110.4 109.8 109.7 105.1 Jun-09 -0.2 -0.4 0.0 0.1 2010 109.9 109.6 109.5 104.9 Q4-10 111.1 110.7 111.0 106.7 Jul-09 0.0 -0.3 -0.4 -0.4

Aug-09 -1.3 -1.4 -1.2 -1.1 Sep-09 1.9 2.2 2.3 2.3 Oct-09 0.3 0.7 0.6 0.5 Nov-09 0.6 0.3 0.4 0.4 Dec-09 -0.1 -0.2 -0.4 -0.4 Jan-10 0.0 -0.6 -1.3 -1.7 Feb-10 -1.1 -1.2 -1.7 -2.0 Mar-10 2.1 2.3 2.2 2.0 Apr-10 0.9 0.5 0.3 0.1 May-10 0.7 0.7 -0.2 -0.5 Jun-10 -0.2 -0.4 -0.8 -0.8 Jul-10 0.0 -0.1 0.4 0.6

Aug-10 -1.1 -1.3 -1.3 -1.2 Sep-10 1.6 1.8 1.8 1.9 Oct-10 -0.2 0.2 0.8 1.2 Nov-10 0.2 -0.1 -0.3 -0.4 Dec-10 -0.1 -0.2 -0.4 -0.8


2 - 15





Greece - euro (before 2001: GRD)



80

85

90

95

100

105

110

115

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Greece - NEER

85

90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Greece - REER (HICP/CPI)

GR vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 97.1 97.3 98.4 Q4-07 105.4 101.8 105.6 1999 100.0 100.0 100.0 Q1-08 105.8 102.7 106.6 2000 98.6 97.0 94.4 Q2-08 106.1 103.0 107.6 2001 98.0 96.6 95.1 Q3-08 106.1 102.7 106.5 2002 98.9 97.4 96.9 Q4-08 106.0 103.9 106.3 2003 100.7 100.5 102.2 Q1-09 105.9 105.7 108.0 2004 101.8 101.0 103.6 Q2-09 105.9 105.2 108.0 2005 102.8 101.0 102.8 Q3-09 106.2 105.0 108.2 2006 104.1 101.6 103.6 Q4-09 107.0 105.9 109.2 2007 104.8 101.1 104.2 Q1-10 107.8 106.0 108.0 2008 105.9 102.8 106.0 Q2-10 108.6 106.3 106.7 2009 106.1 105.2 107.5 Q3-10 109.1 106.4 106.7 2010 108.6 106.1 106.4 Q4-10 109.3 106.7 107.5


1998 96.7 97.2 98.0 Q4-07 111.3 108.9 111.4 1999 100.0 100.0 100.0 Q1-08 111.5 109.5 111.9 2000 100.5 99.0 96.9 Q2-08 111.8 109.4 112.6 2001 102.2 101.2 98.8 Q3-08 112.4 109.3 111.7 2002 105.0 104.0 102.9 Q4-08 113.1 111.2 112.3 2003 108.0 108.0 109.1 Q1-09 114.0 114.1 115.2 2004 109.3 108.8 110.4 Q2-09 114.9 114.3 116.3 2005 109.9 108.9 109.9 Q3-09 115.8 114.6 117.2 2006 110.6 108.7 109.7 Q4-09 116.5 115.7 118.5 2007 111.1 108.8 110.7 Q1-10 117.0 115.7 117.0 2008 112.1 109.8 111.5 Q2-10 117.4 115.7 115.3 2009 115.2 114.6 116.2 Q3-10 117.5 115.6 115.1 2010 117.3 115.7 115.2 Q4-10 117.5 115.9 115.8


1998 96.8 96.7 98.6 Q4-07 109.4 105.4 110.6 1999 100.0 100.0 100.0 Q1-08 110.1 106.6 112.1 2000 97.4 95.5 93.3 Q2-08 110.6 107.0 113.4 2001 93.6 91.4 90.5 Q3-08 110.7 106.7 112.3 2002 100.8 99.1 99.5 Q4-08 110.5 107.8 112.1 2003 100.0 99.8 102.6 Q1-09 110.2 109.4 113.7 2004 101.4 101.0 104.9 Q2-09 109.8 108.5 113.4 2005 104.0 102.5 105.8 Q3-09 109.7 107.8 113.2 2006 105.7 103.3 106.9 Q4-09 109.8 108.1 113.8 2007 108.1 104.1 108.5 Q1-10 110.0 107.7 112.0 2008 110.4 106.7 111.5 Q2-10 110.2 107.4 110.2 2009 109.8 108.1 112.5 Q3-10 110.3 107.2 109.9 2010 110.1 107.0 109.7 Q4-10 110.2 107.3 110.5


1998 95.9 95.7 97.3 Q4-07 135.4 132.0 138.9 1999 100.0 100.0 100.0 Q1-08 137.5 134.9 142.2 2000 97.8 96.2 93.3 Q2-08 137.6 135.2 143.8 2001 94.3 92.6 90.9 Q3-08 134.4 132.0 139.7 2002 112.7 111.3 110.8 Q4-08 128.5 128.3 134.4 2003 110.2 111.0 113.6 Q1-09 121.9 124.4 130.6 2004 112.6 113.4 117.9 Q2-09 116.3 118.5 125.4 2005 109.1 108.3 112.1 Q3-09 113.4 115.1 122.6 2006 123.7 122.1 126.4 Q4-09 113.0 115.1 122.8 2007 132.1 128.6 134.3 Q1-10 114.3 115.6 121.9 2008 134.5 132.1 138.7 Q2-10 116.2 116.8 121.5 2009 116.1 117.8 124.2 Q3-10 117.5 117.7 122.2 2010 116.4 116.6 121.1 Q4-10 117.8 118.1 123.2

(index 1999 = 100)

(index 1999 = 100)

(index 1999 = 100)


(index 1999 = 100)

2 - 16

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100)


(index 1999 = 100)


90

95

100

105

110

95 97 99 01 03 05 07 09


Greece - REER (PGDP)

90

95

100

105

110

115

120

95 97 99 01 03 05 07 09


Greece - REER (PX)

80

85

90

95

100

105

110

115

95 97 99 01 03 05 07 09


Greece - REER (ULCE)

80

90

100

110

120

130

140

150

95 97 99 01 03 05 07 09


Greece - REER (ULCM)

top

ESEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 100.1 100.1 100.7 99.0 Q4-07 100.0 100.9 108.1 109.3 Jul-08 0.0 -0.1 0.1 0.1 1999 100.0 100.0 100.0 100.0 Q1-08 100.0 101.7 109.1 110.4 Aug-08 0.0 0.0 -0.8 -1.1 2000 100.0 98.9 97.0 96.7 Q2-08 99.9 102.0 110.2 111.6 Sep-08 0.0 0.2 -0.4 -0.3 2001 100.1 99.3 98.6 98.5 Q3-08 99.9 101.9 109.4 110.6 Oct-08 0.0 0.1 -0.6 -0.5 2002 100.1 99.5 100.0 100.6 Q4-08 99.9 103.2 108.9 110.0 Nov-08 0.0 0.8 0.0 -0.1 2003 100.1 101.1 104.3 105.8 Q1-09 99.9 104.9 110.4 112.2 Dec-08 0.0 1.3 1.8 1.8 2004 100.1 100.9 105.5 107.3 Q2-09 99.9 104.4 110.5 112.2 Jan-09 0.0 0.4 0.1 0.8 2005 100.1 100.8 105.1 106.4 Q3-09 99.9 104.0 110.8 112.7 Feb-09 0.0 -0.1 -0.4 -0.3 2006 100.0 100.7 105.5 106.4 Q4-09 99.9 104.4 111.4 113.2 Mar-09 0.0 0.4 1.0 0.9 2007 100.0 100.5 106.9 107.8 Q1-10 99.9 104.0 109.6 111.0 Apr-09 0.0 -0.5 -0.5 -0.7 2008 99.9 102.1 109.0 110.1 Q2-10 99.9 103.5 107.4 108.3 May-09 0.0 -0.3 0.1 0.1 2009 99.9 104.3 110.3 112.0 Q3-10 99.9 103.1 107.1 108.1 Jun-09 0.0 -0.3 0.3 0.3 2010 99.9 103.4 107.6 108.6 Q4-10 99.9 103.4 108.0 109.3 Jul-09 0.0 -0.1 -0.1 0.0

Aug-09 0.0 -0.2 -0.1 -0.1 Sep-09 0.0 0.4 0.5 0.6 Oct-09 0.0 0.4 0.4 0.3 Nov-09 0.0 -0.2 -0.1 -0.1 Dec-09 0.0 0.0 -0.4 -0.4 Jan-10 0.0 -0.3 -0.8 -0.9 Feb-10 0.0 -0.2 -0.8 -1.0 Mar-10 0.0 0.2 -0.1 -0.3 Apr-10 0.0 -0.4 -0.6 -0.7 May-10 0.0 -0.1 -1.1 -1.3 Jun-10 0.0 -0.4 -0.8 -0.9 Jul-10 0.0 0.1 0.7 0.9


ESEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.0 99.3 100.7 99.7 Q4-07 109.7 110.6 115.0 114.1 Jul-08 -0.3 -0.5 -0.4 -0.4 1999 100.0 100.0 100.0 100.0 Q1-08 109.2 110.9 115.5 114.5 Aug-08 -0.1 -0.1 -1.0 -1.2 2000 101.3 100.2 97.6 97.1 Q2-08 110.1 112.2 117.5 116.5 Sep-08 -0.2 -0.1 -0.6 -0.5 2001 101.6 100.9 98.6 98.2 Q3-08 109.7 111.6 116.1 114.8 Oct-08 0.4 0.5 -0.2 -0.2 2002 102.9 102.4 101.0 101.0 Q4-08 109.9 113.0 115.7 114.2 Nov-08 0.1 0.8 0.1 -0.1 2003 104.0 105.2 106.2 106.7 Q1-09 108.6 113.4 115.8 114.9 Dec-08 -0.4 0.9 1.6 1.6 2004 105.0 106.0 108.2 108.8 Q2-09 109.1 113.3 116.4 115.3 Jan-09 -0.5 -0.2 -0.7 -0.1 2005 106.4 107.3 109.0 108.9 Q3-09 109.1 112.7 116.3 115.3 Feb-09 -0.5 -0.6 -0.9 -0.7 2006 107.9 108.6 110.7 110.0 Q4-09 109.8 113.9 117.6 116.5 Mar-09 -0.2 0.2 0.7 0.7 2007 108.7 109.2 112.8 111.7 Q1-10 109.2 112.6 114.8 113.2 Apr-09 0.7 0.3 0.2 0.1 2008 109.7 111.8 115.7 114.4 Q2-10 110.1 113.0 113.6 111.5 May-09 -0.1 -0.5 -0.1 -0.1 2009 109.1 113.2 116.1 114.9 Q3-10 109.6 112.0 112.6 110.6 Jun-09 0.4 0.1 0.5 0.6 2010 109.9 112.6 113.4 111.3 Q4-10 110.5 113.2 114.4 112.5 Jul-09 -0.2 -0.4 -0.5 -0.5

Aug-09 0.0 -0.1 0.0 0.1 Sep-09 -0.2 0.1 0.2 0.3 Oct-09 0.6 0.9 0.9 0.8 Nov-09 0.5 0.2 0.4 0.3 Dec-09 -0.4 -0.3 -0.6 -0.7 Jan-10 -0.4 -0.9 -1.5 -1.7 Feb-10 -0.7 -0.8 -1.4 -1.7 Mar-10 1.1 1.3 1.1 0.9 Apr-10 0.4 0.0 -0.2 -0.4 May-10 -0.1 -0.2 -1.1 -1.4 Jun-10 0.1 -0.3 -0.7 -0.8 Jul-10 -0.8 -0.8 -0.2 -0.1



2 - 17





Spain - euro (before 1999: ESP)



90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Spain - NEER

90

95

100

105

110

115

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Spain - REER (HICP/CPI)

ES vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 98.5 98.9 100.2 Q4-07 117.0 116.1 120.9 1999 100.0 100.0 100.0 Q1-08 117.2 117.0 121.9 2000 102.0 100.7 98.0 Q2-08 117.2 117.4 122.9 2001 103.8 102.8 100.5 Q3-08 117.2 117.2 122.0 2002 105.6 104.6 103.4 Q4-08 117.2 118.6 121.3 2003 107.8 108.2 109.6 Q1-09 117.1 120.5 122.8 2004 110.3 110.2 112.8 Q2-09 116.9 119.7 122.8 2005 113.0 112.7 114.7 Q3-09 116.8 119.0 122.7 2006 115.6 114.8 117.1 Q4-09 116.6 119.2 122.9 2007 116.7 115.5 119.3 Q1-10 116.4 118.3 120.5 2008 117.2 117.4 121.4 Q2-10 116.3 117.5 117.8 2009 116.8 119.4 122.2 Q3-10 116.1 116.8 117.1 2010 116.2 117.2 117.7 Q4-10 116.0 116.9 117.8


1998 99.5 99.8 100.8 Q4-07 112.2 112.4 115.6 1999 100.0 100.0 100.0 Q1-08 112.2 112.9 115.9 2000 103.5 102.5 100.2 Q2-08 112.0 112.8 116.5 2001 104.7 104.1 101.7 Q3-08 112.0 112.2 115.3 2002 105.9 105.3 104.1 Q4-08 112.1 113.3 114.6 2003 107.0 107.5 108.5 Q1-09 112.2 115.0 116.2 2004 107.7 108.0 109.7 Q2-09 112.2 114.1 116.4 2005 109.9 110.3 111.4 Q3-09 111.9 113.3 116.4 2006 111.4 111.5 112.7 Q4-09 111.5 113.4 116.7 2007 112.2 112.2 114.6 Q1-10 111.0 112.5 114.4 2008 112.1 112.7 115.1 Q2-10 110.6 111.7 111.8 2009 111.9 113.9 115.9 Q3-10 110.3 111.2 111.3 2010 110.5 111.6 111.9 Q4-10 110.2 111.5 112.1


1998 99.3 99.6 101.1 Q4-07 114.4 112.7 118.1 1999 100.0 100.0 100.0 Q1-08 115.1 114.3 119.8 2000 101.5 99.9 97.4 Q2-08 115.3 114.8 121.2 2001 102.2 100.6 98.6 Q3-08 114.8 114.3 119.9 2002 102.7 101.2 100.6 Q4-08 113.7 114.6 118.3 2003 103.5 103.5 105.4 Q1-09 112.4 115.1 118.7 2004 105.2 104.9 108.1 Q2-09 111.2 113.3 117.7 2005 107.4 106.7 109.5 Q3-09 110.5 112.0 117.1 2006 110.0 108.8 111.7 Q4-09 110.3 112.2 117.5 2007 113.1 111.1 115.4 Q1-10 110.4 111.8 115.5 2008 114.8 114.3 119.2 Q2-10 110.6 111.4 113.4 2009 111.1 113.0 117.1 Q3-10 110.6 111.0 113.0 2010 110.5 111.2 113.3 Q4-10 110.5 111.1 113.6


1998 100.5 100.7 102.0 Q4-07 126.3 125.9 132.7 1999 100.0 100.0 100.0 Q1-08 127.2 127.9 135.0 2000 103.5 101.9 99.0 Q2-08 127.1 128.6 136.8 2001 104.5 103.1 100.3 Q3-08 125.9 127.5 135.2 2002 105.5 104.4 103.2 Q4-08 123.7 127.1 133.0 2003 108.9 109.6 111.3 Q1-09 121.2 126.8 132.9 2004 111.8 112.5 116.3 Q2-09 119.0 124.0 131.3 2005 116.3 116.3 119.9 Q3-09 117.7 122.2 130.4 2006 119.7 119.5 123.2 Q4-09 117.4 122.4 130.7 2007 124.3 123.4 128.9 Q1-10 117.8 122.0 128.7 2008 126.0 127.6 134.2 Q2-10 118.2 121.8 126.4 2009 118.8 123.7 130.6 Q3-10 118.5 121.6 126.1 2010 118.2 121.7 126.3 Q4-10 118.4 121.8 126.9

(index 1999 = 100)

(index 1999 = 100)

(index 1999 = 100)


(index 1999 = 100)

2 - 18

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100)


(index 1999 = 100)


90

95

100

105

110

115

120

125

95 97 99 01 03 05 07 09


Spain - REER (PGDP)

90

95

100

105

110

115

120

95 97 99 01 03 05 07 09


Spain - REER (PX)

90

95

100

105

110

115

120

125

95 97 99 01 03 05 07 09


Spain - REER (ULCE)

90

100

110

120

130

140

95 97 99 01 03 05 07 09


Spain - REER (ULCM)

top

FREA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.9 99.9 101.1 99.8 Q4-07 100.0 101.1 109.1 110.1 Jul-08 0.0 -0.1 0.2 0.1 1999 100.0 100.0 100.0 100.0 Q1-08 100.0 102.0 110.1 111.3 Aug-08 0.0 0.0 -0.9 -1.2 2000 100.0 98.6 96.0 95.6 Q2-08 99.9 102.3 111.5 112.8 Sep-08 0.0 0.3 -0.6 -0.6 2001 100.1 99.2 97.3 97.2 Q3-08 99.9 102.2 110.6 111.6 Oct-08 0.0 0.1 -1.2 -1.1 2002 100.1 99.4 99.0 99.4 Q4-08 99.9 103.8 109.1 110.0 Nov-08 0.0 1.0 -0.2 -0.3 2003 100.1 101.3 104.2 105.6 Q1-09 99.9 105.8 110.5 112.3 Dec-08 0.0 1.5 2.1 2.1 2004 100.1 101.1 105.6 107.5 Q2-09 99.9 105.2 111.0 112.6 Jan-09 0.0 0.5 0.0 0.7 2005 100.1 100.9 105.3 106.6 Q3-09 99.9 104.7 111.2 113.2 Feb-09 0.0 -0.1 -0.5 -0.5 2006 100.1 100.8 105.9 106.6 Q4-09 99.9 105.3 111.9 113.8 Mar-09 0.0 0.5 1.2 1.1 2007 100.0 100.6 107.6 108.4 Q1-10 99.9 104.7 109.7 111.1 Apr-09 0.0 -0.6 -0.4 -0.6 2008 99.9 102.5 109.9 111.0 Q2-10 99.9 104.1 107.2 107.9 May-09 0.0 -0.3 0.1 0.2 2009 99.9 105.2 110.7 112.5 Q3-10 99.9 103.7 106.6 107.7 Jun-09 0.0 -0.3 0.3 0.4 2010 99.9 104.1 107.4 108.4 Q4-10 99.9 104.0 107.6 109.0 Jul-09 0.0 -0.1 -0.2 0.0

Aug-09 0.0 -0.3 0.0 0.0 Sep-09 0.0 0.4 0.5 0.6 Oct-09 0.0 0.4 0.5 0.4 Nov-09 0.0 -0.3 -0.1 -0.1 Dec-09 0.0 0.0 -0.4 -0.5 Jan-10 0.0 -0.4 -0.9 -1.1 Feb-10 0.0 -0.2 -1.1 -1.3 Mar-10 0.0 0.2 -0.2 -0.3 Apr-10 0.0 -0.4 -0.6 -0.8 May-10 0.0 -0.1 -1.4 -1.7 Jun-10 0.0 -0.4 -1.0 -1.1 Jul-10 0.0 0.1 0.8 1.1


FREA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 100.7 101.0 102.9 102.1 Q4-07 97.3 98.3 104.2 103.2 Jul-08 -0.2 -0.4 -0.2 -0.3 1999 100.0 100.0 100.0 100.0 Q1-08 97.5 99.4 105.3 104.2 Aug-08 0.0 0.0 -0.9 -1.2 2000 99.5 98.0 94.8 94.3 Q2-08 97.4 99.6 106.4 105.4 Sep-08 -0.2 0.0 -0.9 -0.7 2001 98.6 97.9 94.9 94.4 Q3-08 97.1 99.2 105.1 103.7 Oct-08 0.0 0.1 -1.2 -1.2 2002 98.2 97.7 96.1 96.0 Q4-08 96.9 100.3 103.5 102.0 Nov-08 0.0 0.9 -0.1 -0.3 2003 98.3 99.8 101.1 101.6 Q1-09 97.0 102.3 105.0 104.0 Dec-08 -0.2 1.4 2.1 2.1 2004 98.6 99.9 102.7 103.3 Q2-09 96.8 101.4 105.0 104.0 Jan-09 0.4 0.8 0.1 0.7 2005 98.3 99.4 101.9 101.8 Q3-09 97.1 101.0 105.3 104.3 Feb-09 -0.2 -0.2 -0.6 -0.5 2006 98.0 98.9 102.0 101.2 Q4-09 97.0 101.4 105.8 104.8 Mar-09 -0.1 0.4 1.1 1.0 2007 97.4 98.0 102.9 101.8 Q1-10 97.6 101.2 104.0 102.5 Apr-09 -0.2 -0.8 -0.6 -0.8 2008 97.2 99.6 104.6 103.3 Q2-10 97.3 100.4 101.5 99.4 May-09 0.2 -0.3 0.2 0.2 2009 97.0 101.5 104.8 103.7 Q3-10 97.3 99.9 100.9 99.0 Jun-09 0.0 -0.4 0.2 0.3 2010 97.3 100.3 101.6 99.6 Q4-10 97.0 99.8 101.5 99.7 Jul-09 0.2 -0.1 -0.2 -0.2

Aug-09 0.2 0.0 0.2 0.3 Sep-09 -0.2 0.2 0.3 0.4 Oct-09 -0.1 0.4 0.4 0.3 Nov-09 0.1 -0.2 -0.1 -0.1 Dec-09 0.0 0.0 -0.3 -0.4 Jan-10 0.6 0.0 -0.8 -1.0 Feb-10 0.2 0.0 -0.8 -1.1 Mar-10 -0.5 -0.2 -0.4 -0.6 Apr-10 0.0 -0.5 -0.6 -0.9 May-10 0.0 -0.1 -1.4 -1.6 Jun-10 0.0 -0.4 -1.0 -1.1 Jul-10 0.1 0.1 0.7 0.9

Aug-10 0.0 -0.3 -0.2 -0.1 Sep-10 -0.3 -0.1 -0.1 0.0 Oct-10 -0.1 0.4 1.4 1.6 Nov-10 0.1 -0.3 -0.5 -0.7 Dec-10 -0.2 -0.3 -0.8 -1.1


2 - 19





France - euro (before 1999: FRF)



90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


France - NEER

90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


France - REER (HICP/CPI)

FR vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 101.1 101.6 103.3 Q4-07 99.6 98.6 104.9 1999 100.0 100.0 100.0 Q1-08 99.8 99.7 106.0 2000 99.9 98.2 95.0 Q2-08 100.0 100.2 107.3 2001 99.2 98.0 95.3 Q3-08 100.1 100.0 106.4 2002 99.0 97.8 96.7 Q4-08 99.9 101.4 104.8 2003 98.6 99.2 101.1 Q1-09 99.7 103.2 106.0 2004 98.4 98.4 101.7 Q2-09 99.5 102.3 106.1 2005 98.5 98.2 101.2 Q3-09 99.4 101.6 106.1 2006 99.1 98.4 101.8 Q4-09 99.4 102.0 106.5 2007 99.2 98.1 103.3 Q1-10 99.4 101.3 104.3 2008 99.9 100.2 105.6 Q2-10 99.5 100.7 101.8 2009 99.5 102.2 105.7 Q3-10 99.6 100.3 101.2 2010 99.5 100.6 101.9 Q4-10 99.6 100.6 102.2


1998 101.2 101.7 103.0 Q4-07 93.7 94.2 98.4 1999 100.0 100.0 100.0 Q1-08 94.1 95.1 99.2 2000 98.1 96.9 94.3 Q2-08 94.5 95.5 100.4 2001 96.7 96.2 93.7 Q3-08 94.7 95.2 99.6 2002 95.1 94.7 93.6 Q4-08 94.8 96.2 98.1 2003 94.4 95.2 96.7 Q1-09 94.6 97.7 99.3 2004 94.1 94.7 97.1 Q2-09 94.3 96.5 99.5 2005 93.8 94.5 96.4 Q3-09 93.9 95.5 99.4 2006 93.5 94.0 96.2 Q4-09 93.3 95.5 99.6 2007 93.3 93.6 97.2 Q1-10 92.8 94.6 97.3 2008 94.5 95.5 99.0 Q2-10 92.4 93.8 94.7 2009 94.0 96.3 99.1 Q3-10 92.1 93.3 94.0 2010 92.3 93.8 94.9 Q4-10 92.1 93.6 94.9


1998 100.1 100.5 102.4 Q4-07 102.3 100.3 107.3 1999 100.0 100.0 100.0 Q1-08 102.2 101.1 108.1 2000 99.9 97.8 94.8 Q2-08 101.9 101.2 109.2 2001 99.6 97.6 95.1 Q3-08 101.5 100.7 108.1 2002 100.3 98.5 97.8 Q4-08 100.9 101.6 106.3 2003 99.9 99.9 102.4 Q1-09 100.4 103.1 107.4 2004 100.3 99.8 104.0 Q2-09 100.1 102.2 107.6 2005 101.0 100.0 103.9 Q3-09 100.1 101.6 108.0 2006 102.4 100.9 105.0 Q4-09 100.5 102.4 109.0 2007 102.4 100.1 106.1 Q1-10 101.0 102.3 107.2 2008 101.6 101.1 107.5 Q2-10 101.6 102.2 105.1 2009 100.3 102.3 107.5 Q3-10 101.9 102.1 104.8 2010 101.7 102.2 105.3 Q4-10 102.0 102.5 105.8


1998 101.3 101.4 103.1 Q4-07 99.4 99.1 106.9 1999 100.0 100.0 100.0 Q1-08 98.9 99.7 107.6 2000 99.3 97.4 93.9 Q2-08 97.9 99.4 108.3 2001 98.3 96.7 93.3 Q3-08 96.2 97.8 106.4 2002 98.0 96.8 95.5 Q4-08 94.0 97.4 103.5 2003 94.8 95.7 97.9 Q1-09 91.9 97.3 103.5 2004 96.0 97.0 101.5 Q2-09 90.3 95.2 102.8 2005 95.5 95.8 100.2 Q3-09 89.6 94.0 102.6 2006 98.1 98.0 102.6 Q4-09 89.8 94.7 103.5 2007 99.5 98.8 105.4 Q1-10 90.6 94.8 102.0 2008 96.8 98.6 105.9 Q2-10 91.5 95.1 100.3 2009 90.4 95.3 102.6 Q3-10 92.1 95.3 100.2 2010 91.7 95.2 100.4 Q4-10 92.3 95.7 101.2

(index 1999 = 100)

(index 1999 = 100)

(index 1999 = 100)


(index 1999 = 100)

2 - 20

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100)


(index 1999 = 100)


90

95

100

105

110

115

95 97 99 01 03 05 07 09


France - REER (PGDP)

90

95

100

105

110

95 97 99 01 03 05 07 09


France - REER (PX)

90

95

100

105

110

115

95 97 99 01 03 05 07 09


France - REER (ULCE)

85

90

95

100

105

110

115

120

95 97 99 01 03 05 07 09


France - REER (ULCM)

top

IE vs the rest ofEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 100.8 101.2 102.7 101.8 Q4-07 99.9 102.0 112.7 113.3 Jul-08 0.0 -0.1 0.4 0.4 1999 100.0 100.0 100.0 100.0 Q1-08 99.9 103.5 114.7 115.4 Aug-08 0.0 0.0 -1.3 -1.5 2000 100.0 97.9 94.5 94.3 Q2-08 99.9 104.5 116.9 117.7 Sep-08 0.0 0.3 -1.0 -1.0 2001 100.1 98.6 95.7 95.6 Q3-08 99.8 104.4 115.8 116.4 Oct-08 0.0 -0.1 -2.1 -2.1 2002 100.1 98.9 97.6 97.8 Q4-08 99.8 106.3 113.1 113.3 Nov-08 0.0 1.4 -0.2 -0.3 2003 100.1 101.7 104.6 105.4 Q1-09 99.8 109.0 114.9 115.7 Dec-08 0.0 2.2 3.1 2.7 2004 100.1 101.3 107.0 108.1 Q2-09 99.8 108.1 115.5 116.3 Jan-09 0.0 0.6 -0.1 0.7 2005 100.0 101.3 106.9 107.7 Q3-09 99.8 107.5 116.3 117.3 Feb-09 0.0 -0.5 -1.2 -1.2 2006 100.0 101.2 107.5 107.9 Q4-09 99.8 108.4 117.7 118.7 Mar-09 0.0 0.9 1.6 1.5 2007 99.9 101.2 110.3 110.8 Q1-10 99.8 107.7 114.7 115.4 Apr-09 0.0 -0.7 -0.4 -0.5 2008 99.9 104.6 114.8 115.4 Q2-10 99.8 106.7 110.9 111.2 May-09 0.0 -0.5 0.4 0.4 2009 99.8 108.2 115.7 116.6 Q3-10 99.8 106.1 110.3 110.8 Jun-09 0.0 -0.6 0.3 0.4 2010 99.8 106.7 111.6 112.2 Q4-10 99.8 106.7 112.1 112.8 Jul-09 0.0 0.0 0.0 0.1

Aug-09 0.0 -0.2 0.1 0.2 Sep-09 0.0 0.7 0.9 1.0 Oct-09 0.0 0.7 0.8 0.8 Nov-09 0.0 -0.4 -0.2 -0.2 Dec-09 0.0 0.0 -0.6 -0.6 Jan-10 0.0 -0.5 -1.2 -1.3 Feb-10 0.0 -0.3 -1.5 -1.6 Mar-10 0.0 0.5 0.0 -0.1 Apr-10 0.0 -0.7 -0.9 -1.0 May-10 0.0 -0.3 -2.2 -2.3 Jun-10 0.0 -0.8 -1.6 -1.6 Jul-10 0.0 0.2 1.2 1.4


IEEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.4 100.0 102.0 101.5 Q4-07 111.4 114.4 124.7 124.0 Jul-08 -0.4 -0.5 -0.2 -0.3 1999 100.0 100.0 100.0 100.0 Q1-08 111.4 116.1 126.8 126.0 Aug-08 0.1 -0.1 -1.3 -1.5 2000 103.1 101.1 97.2 96.8 Q2-08 111.6 117.2 129.2 128.5 Sep-08 0.1 0.3 -0.9 -0.8 2001 104.6 103.6 99.7 99.3 Q3-08 111.3 116.7 127.2 126.2 Oct-08 -0.3 -0.4 -2.2 -2.3 2002 107.3 106.7 104.5 104.3 Q4-08 111.1 118.5 124.6 123.1 Nov-08 0.4 1.7 0.4 0.2 2003 109.5 112.1 114.2 114.6 Q1-09 110.3 120.4 125.5 124.6 Dec-08 -0.6 1.7 2.8 2.3 2004 109.8 112.1 117.2 117.7 Q2-09 109.4 118.3 125.0 124.1 Jan-09 -0.1 0.4 -0.6 0.2 2005 110.0 112.3 117.0 117.0 Q3-09 108.7 116.7 124.6 123.8 Feb-09 -0.5 -1.0 -1.6 -1.6 2006 110.6 112.8 118.1 117.6 Q4-09 107.6 116.4 124.8 124.0 Mar-09 -0.2 0.7 1.4 1.3 2007 111.5 113.5 122.0 121.3 Q1-10 106.5 114.3 120.1 118.9 Apr-09 -0.2 -0.9 -0.6 -0.7 2008 111.3 117.0 126.5 125.5 Q2-10 105.6 112.2 115.3 113.8 May-09 -0.4 -1.0 -0.2 -0.1 2009 109.0 117.8 124.5 123.7 Q3-10 105.8 111.5 114.7 113.4 Jun-09 -0.2 -0.8 -0.1 0.0 2010 105.7 112.2 116.0 114.7 Q4-10 105.0 111.3 115.8 114.5 Jul-09 -0.1 -0.3 -0.4 -0.4

Aug-09 -0.3 -0.4 0.0 0.1 Sep-09 -0.3 0.4 0.5 0.6 Oct-09 -0.4 0.3 0.5 0.4 Nov-09 -0.1 -0.6 -0.4 -0.4 Dec-09 -0.8 -0.8 -1.2 -1.3 Jan-10 0.0 -0.7 -1.6 -1.8 Feb-10 -0.3 -0.6 -1.6 -1.8 Mar-10 -0.8 -0.2 -0.5 -0.6 Apr-10 -0.3 -1.1 -1.2 -1.4 May-10 0.2 -0.2 -2.0 -2.1 Jun-10 0.0 -0.9 -1.6 -1.7 Jul-10 0.3 0.4 1.4 1.5

Aug-10 -0.1 -0.5 -0.3 -0.2 Sep-10 -0.4 0.0 0.1 0.2 Oct-10 -0.1 0.8 2.3 2.4 Nov-10 -0.3 -0.9 -1.2 -1.3 Dec-10 -0.4 -0.7 -1.5 -1.7


2 - 21





Ireland - euro (before 1999: IEP)



90

95

100

105

110

115

120

125

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Ireland - NEER

90

95

100

105

110

115

120

125

130

135

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Ireland - REER (HICP/CPI)

IE vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 98.0 98.8 100.6 Q4-07 111.9 111.8 122.4 1999 100.0 100.0 100.0 Q1-08 111.1 112.5 123.4 2000 104.6 102.2 98.2 Q2-08 109.9 112.3 124.3 2001 107.8 106.0 102.3 Q3-08 108.6 110.8 121.6 2002 110.1 108.3 106.6 Q4-08 107.0 111.2 117.1 2003 110.9 111.9 114.8 Q1-09 105.5 112.3 117.2 2004 111.3 111.5 117.2 Q2-09 104.1 109.9 116.3 2005 112.1 112.2 117.5 Q3-09 103.0 108.1 115.8 2006 114.3 113.8 119.7 Q4-09 102.3 108.1 116.0 2007 112.9 112.1 121.0 Q1-10 101.8 106.7 112.3 2008 109.1 111.6 121.0 Q2-10 101.4 105.1 108.0 2009 103.6 109.4 115.8 Q3-10 101.2 104.0 107.0 2010 101.3 104.9 108.4 Q4-10 100.9 104.3 108.4


1998 97.8 98.5 100.0 Q4-07 94.6 96.0 102.6 1999 100.0 100.0 100.0 Q1-08 93.3 95.5 102.1 2000 102.2 100.4 97.1 Q2-08 92.5 94.9 102.5 2001 106.3 105.3 101.8 Q3-08 92.8 94.6 101.5 2002 106.3 105.4 103.7 Q4-08 94.1 97.1 100.3 2003 102.1 103.2 105.3 Q1-09 95.8 100.8 103.7 2004 100.5 101.4 105.3 Q2-09 97.2 101.1 105.9 2005 99.1 100.4 103.6 Q3-09 97.6 101.0 107.4 2006 97.8 98.9 102.3 Q4-09 97.1 101.2 108.1 2007 96.3 97.4 102.9 Q1-10 95.9 99.5 104.2 2008 93.1 95.4 101.2 Q2-10 94.6 97.3 99.5 2009 96.9 100.9 105.9 Q3-10 93.6 95.8 98.0 2010 94.3 97.0 99.7 Q4-10 93.2 96.0 99.1


1998 101.6 102.4 104.3 Q4-07 119.1 117.3 129.0 1999 100.0 100.0 100.0 Q1-08 120.3 120.4 132.7 2000 101.7 98.8 95.1 Q2-08 121.0 122.2 136.1 2001 104.2 101.4 98.1 Q3-08 120.6 121.9 134.9 2002 102.0 99.7 98.7 Q4-08 119.4 122.8 130.8 2003 103.5 103.7 107.1 Q1-09 117.5 123.8 131.2 2004 107.1 106.5 113.0 Q2-09 115.4 120.4 129.9 2005 111.6 110.7 116.9 Q3-09 113.4 117.6 128.7 2006 115.0 113.2 119.9 Q4-09 111.7 116.7 128.1 2007 117.4 114.8 124.6 Q1-10 110.3 114.3 123.0 2008 120.3 121.7 133.1 Q2-10 109.1 112.0 117.5 2009 114.5 119.5 128.9 Q3-10 108.3 110.4 115.9 2010 108.8 111.7 117.9 Q4-10 107.6 110.4 117.1


1998 105.8 106.3 107.9 Q4-07 93.7 94.3 106.6 1999 100.0 100.0 100.0 Q1-08 94.7 97.1 110.0 2000 104.0 101.2 96.9 Q2-08 95.0 98.7 113.2 2001 100.6 98.5 94.2 Q3-08 94.1 98.0 111.9 2002 89.1 87.7 86.6 Q4-08 91.7 97.4 107.6 2003 91.2 92.4 95.6 Q1-09 88.7 96.6 106.8 2004 93.9 95.1 102.5 Q2-09 85.8 92.6 104.7 2005 100.6 101.1 109.0 Q3-09 83.6 89.8 103.1 2006 101.1 101.1 109.2 Q4-09 82.2 88.9 102.6 2007 94.0 93.7 104.4 Q1-10 81.4 87.4 98.7 2008 93.9 97.7 110.2 Q2-10 81.0 86.0 94.6 2009 85.0 91.9 103.8 Q3-10 80.6 85.1 93.5 2010 80.9 85.8 94.9 Q4-10 80.3 85.2 94.6

(index 1999 = 100)

(index 1999 = 100)

(index 1999 = 100)


(index 1999 = 100)

2 - 22

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100)


(index 1999 = 100)


80

90

100

110

120

130

95 97 99 01 03 05 07 09


Ireland - REER (PGDP)

80

90

100

110

95 97 99 01 03 05 07 09


Ireland - REER (PX)

90

100

110

120

130

140

95 97 99 01 03 05 07 09


Ireland - REER (ULCE)

80

90

100

110

120

130

95 97 99 01 03 05 07 09


Ireland - REER (ULCM)

top

ITEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 100.2 99.9 100.8 98.4 Q4-07 100.1 101.3 110.7 112.1 Jul-08 0.0 -0.2 0.1 0.1 1999 100.0 100.0 100.0 100.0 Q1-08 100.0 102.1 111.7 113.2 Aug-08 0.0 0.1 -1.0 -1.3 2000 100.1 98.9 96.3 95.9 Q2-08 100.0 102.3 112.9 114.7 Sep-08 0.0 0.3 -0.6 -0.5 2001 100.2 99.7 98.0 97.8 Q3-08 100.0 102.1 111.9 113.3 Oct-08 0.0 0.3 -1.0 -1.0 2002 100.2 100.0 100.0 100.5 Q4-08 100.0 103.7 110.5 111.8 Nov-08 0.0 0.9 -0.2 -0.4 2003 100.2 101.9 105.7 107.3 Q1-09 99.9 105.9 112.2 114.6 Dec-08 0.0 1.4 2.0 2.1 2004 100.2 101.8 107.5 109.6 Q2-09 99.9 105.4 112.6 114.9 Jan-09 0.0 0.6 0.1 1.0 2005 100.2 101.4 106.9 108.4 Q3-09 99.9 104.8 112.9 115.5 Feb-09 0.0 0.1 -0.4 -0.2 2006 100.2 101.2 107.5 108.4 Q4-09 99.9 105.3 113.6 116.1 Mar-09 0.0 0.4 1.1 1.0 2007 100.1 101.0 109.2 110.3 Q1-10 99.9 104.7 111.2 113.2 Apr-09 0.0 -0.6 -0.5 -0.7 2008 100.0 102.6 111.3 112.7 Q2-10 99.9 104.2 108.6 109.8 May-09 0.0 -0.3 0.2 0.2 2009 99.9 105.3 112.4 114.7 Q3-10 99.9 103.9 108.1 109.7 Jun-09 0.0 -0.2 0.4 0.5 2010 99.9 104.2 108.8 110.4 Q4-10 99.9 104.1 109.1 111.1 Jul-09 0.0 -0.2 -0.2 0.0

Aug-09 0.0 -0.3 -0.1 0.0 Sep-09 0.0 0.4 0.5 0.6 Oct-09 0.0 0.4 0.4 0.3 Nov-09 0.0 -0.2 0.0 0.0 Dec-09 0.0 0.0 -0.5 -0.5 Jan-10 0.0 -0.4 -0.9 -1.1 Feb-10 0.0 -0.2 -1.1 -1.3 Mar-10 0.0 0.1 -0.3 -0.5 Apr-10 0.0 -0.4 -0.6 -0.8 May-10 0.0 0.0 -1.4 -1.6 Jun-10 0.0 -0.3 -1.0 -1.0 Jul-10 0.0 0.1 0.8 1.1


ITEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.7 99.9 101.9 100.5 Q4-07 102.1 102.0 108.1 106.6 Jul-08 -0.5 -0.7 -0.6 -0.7 1999 100.0 100.0 100.0 100.0 Q1-08 101.4 102.1 108.3 106.6 Aug-08 0.1 0.1 -0.9 -1.2 2000 100.5 99.0 95.5 95.0 Q2-08 102.1 103.0 110.1 108.5 Sep-08 0.4 0.6 -0.3 -0.2 2001 100.3 99.3 96.1 95.4 Q3-08 101.8 102.4 108.5 106.6 Oct-08 0.6 0.8 -0.4 -0.5 2002 100.7 99.9 98.0 97.7 Q4-08 102.7 104.7 108.2 106.0 Nov-08 0.0 0.8 -0.1 -0.4 2003 101.6 102.6 104.0 104.3 Q1-09 101.7 105.8 108.7 107.3 Dec-08 0.0 1.5 2.2 2.3 2004 101.8 102.6 105.6 106.1 Q2-09 102.8 106.2 110.1 108.5 Jan-09 -1.0 -0.5 -1.2 -0.5 2005 101.9 102.2 104.8 104.4 Q3-09 102.4 105.0 109.7 108.2 Feb-09 -0.4 -0.3 -0.6 -0.5 2006 101.9 102.0 105.2 103.9 Q4-09 103.1 106.2 111.0 109.4 Mar-09 1.1 1.4 2.1 1.9 2007 101.8 101.4 106.5 104.8 Q1-10 102.0 104.2 107.2 105.1 Apr-09 0.4 -0.2 -0.1 -0.3 2008 102.0 102.9 108.3 106.3 Q2-10 103.0 104.7 105.8 103.0 May-09 0.2 -0.3 0.2 0.2 2009 102.5 105.7 109.4 107.7 Q3-10 102.5 103.8 104.8 102.2 Jun-09 0.0 -0.2 0.4 0.4 2010 102.6 104.3 105.6 103.0 Q4-10 103.2 104.7 106.4 103.9 Jul-09 -0.6 -0.9 -1.0 -1.0

Aug-09 -0.3 -0.5 -0.2 0.0 Sep-09 0.9 1.2 1.3 1.4 Oct-09 0.2 0.6 0.6 0.5 Nov-09 0.0 -0.2 -0.1 -0.1 Dec-09 -0.2 -0.1 -0.5 -0.5 Jan-10 -0.9 -1.5 -2.2 -2.5 Feb-10 -0.5 -0.7 -1.5 -1.7 Mar-10 0.6 0.8 0.5 0.3 Apr-10 0.7 0.2 0.0 -0.2 May-10 0.0 0.0 -1.4 -1.6 Jun-10 0.1 -0.2 -0.8 -0.9 Jul-10 -0.6 -0.6 0.1 0.3

Aug-10 -0.1 -0.4 -0.3 -0.2 Sep-10 0.5 0.6 0.6 0.7 Oct-10 0.5 1.0 2.0 2.3 Nov-10 -0.1 -0.4 -0.7 -0.8 Dec-10 -0.3 -0.4 -0.9 -1.3

vs the rest of



Annual data Quarterly data Monthly data(index 1999 = 100)

2 - 23

(index 1999 = 100) monthly % change



Italy - euro (before 1999: ITL)



75

80

85

90

95

100

105

110

115

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Italy - NEER

75

80

85

90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Italy - REER (HICP/CPI)

IT vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 99.4 99.7 101.5 Q4-07 105.0 102.8 109.4 1999 100.0 100.0 100.0 Q1-08 105.2 103.6 110.3 2000 100.6 99.0 95.6 Q2-08 105.4 104.0 111.6 2001 101.2 99.9 96.9 Q3-08 105.8 104.1 110.8 2002 102.1 100.7 99.3 Q4-08 106.2 106.1 109.8 2003 103.3 103.4 105.5 Q1-09 106.7 108.8 111.9 2004 104.3 103.8 107.5 Q2-09 107.1 108.5 112.6 2005 104.5 103.4 106.6 Q3-09 107.3 108.1 113.0 2006 104.5 102.8 106.5 Q4-09 107.4 108.5 113.5 2007 104.7 102.4 108.0 Q1-10 107.4 107.7 110.9 2008 105.6 104.3 110.1 Q2-10 107.4 107.0 108.0 2009 107.1 108.3 112.2 Q3-10 107.4 106.6 107.4 2010 107.3 106.9 108.1 Q4-10 107.4 106.8 108.3


1998 98.7 99.1 100.5 Q4-07 116.9 115.9 120.5 1999 100.0 100.0 100.0 Q1-08 117.6 117.1 121.7 2000 100.6 99.4 96.5 Q2-08 118.4 117.7 123.2 2001 102.3 101.5 98.4 Q3-08 119.2 117.8 122.6 2002 104.3 103.5 101.9 Q4-08 120.3 120.1 121.9 2003 106.3 106.5 108.0 Q1-09 121.3 123.2 124.7 2004 108.3 108.2 110.8 Q2-09 122.3 123.1 126.2 2005 110.3 110.0 111.9 Q3-09 123.0 123.1 127.4 2006 112.7 111.9 114.0 Q4-09 123.6 124.2 128.8 2007 115.7 114.6 118.4 Q1-10 123.9 124.1 126.7 2008 118.8 118.1 121.8 Q2-10 124.2 124.0 124.0 2009 122.5 123.3 126.2 Q3-10 124.4 124.0 123.8 2010 124.2 124.1 124.3 Q4-10 124.6 124.5 125.1


1998 99.5 99.7 101.9 Q4-07 110.3 107.1 114.7 1999 100.0 100.0 100.0 Q1-08 110.8 108.3 116.0 2000 99.2 97.2 94.1 Q2-08 111.1 108.8 117.7 2001 100.1 98.0 95.3 Q3-08 111.4 108.9 117.0 2002 101.5 99.7 98.8 Q4-08 111.5 110.7 115.9 2003 104.2 103.9 106.7 Q1-09 111.6 113.1 117.9 2004 105.8 105.2 109.9 Q2-09 111.7 112.5 118.6 2005 107.7 106.1 110.4 Q3-09 111.8 112.0 119.1 2006 109.3 107.1 111.7 Q4-09 112.0 112.6 119.9 2007 109.8 106.5 113.0 Q1-10 112.3 112.1 117.5 2008 111.2 109.1 116.1 Q2-10 112.5 111.7 114.8 2009 111.8 112.4 118.3 Q3-10 112.7 111.4 114.3 2010 112.5 111.6 114.9 Q4-10 112.7 111.7 115.3


1998 98.0 97.9 99.8 Q4-07 125.4 123.0 132.2 1999 100.0 100.0 100.0 Q1-08 125.8 124.5 134.0 2000 99.7 97.9 94.1 Q2-08 126.3 125.5 136.5 2001 101.7 99.9 96.1 Q3-08 127.0 126.3 136.8 2002 104.3 102.7 101.0 Q4-08 128.0 129.7 137.4 2003 110.6 110.9 113.3 Q1-09 129.1 133.9 141.8 2004 115.0 115.3 120.6 Q2-09 130.1 134.4 144.4 2005 119.8 118.8 123.9 Q3-09 130.8 134.5 146.0 2006 121.5 120.1 125.4 Q4-09 131.1 135.3 147.2 2007 124.4 121.8 129.6 Q1-10 131.2 134.4 143.8 2008 126.8 126.4 135.4 Q2-10 131.2 133.6 139.9 2009 130.3 134.4 144.0 Q3-10 131.1 133.0 138.9 2010 131.2 133.4 139.9 Q4-10 131.1 133.2 140.0

(index 1999 = 100) (index 1999 = 100)

2 - 24

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)



70

80

90

100

110

120

95 97 99 01 03 05 07 09


Italy - REER (PGDP)

80

90

100

110

120

130

95 97 99 01 03 05 07 09


Italy - REER (PX)

80

90

100

110

120

130

95 97 99 01 03 05 07 09


Italy - REER (ULCE)

70

80

90

100

110

120

130

140

150

95 97 99 01 03 05 07 09


Italy - REER (ULCM)

top

CYEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 100.4 100.2 100.9 92.1 Q4-07 99.4 102.6 109.3 112.0 Jul-08 0.0 -0.1 0.0 0.0 1999 100.0 100.0 100.0 100.0 Q1-08 99.3 103.8 110.5 113.4 Aug-08 0.0 0.0 -0.6 -0.8 2000 101.2 99.5 97.6 97.1 Q2-08 99.2 104.4 111.8 115.0 Sep-08 0.0 0.3 -0.2 -0.2 2001 101.0 100.1 100.2 99.7 Q3-08 99.2 104.3 111.2 114.1 Oct-08 0.0 0.0 -0.7 -0.8 2002 101.1 100.6 102.2 103.0 Q4-08 99.2 105.9 111.1 113.6 Nov-08 0.0 1.1 0.4 0.2 2003 99.6 102.7 106.4 108.4 Q1-09 99.2 108.2 113.2 116.9 Dec-08 0.0 1.7 2.0 2.0 2004 99.9 102.5 107.2 109.7 Q2-09 99.2 107.4 113.0 116.6 Jan-09 0.0 0.7 0.4 1.3 2005 100.8 103.4 108.0 110.1 Q3-09 99.2 107.1 113.0 116.9 Feb-09 0.0 -0.3 -0.5 -0.3 2006 100.9 103.5 108.6 110.2 Q4-09 99.2 107.8 113.7 117.6 Mar-09 0.0 0.6 1.1 1.1 2007 99.7 102.1 108.3 110.1 Q1-10 99.2 107.1 112.1 115.3 Apr-09 0.0 -0.6 -0.6 -0.7 2008 99.2 104.4 110.6 112.9 Q2-10 99.2 106.4 110.2 112.7 May-09 0.0 -0.4 -0.2 -0.1 2009 99.1 107.4 112.6 115.8 Q3-10 99.2 106.0 109.5 112.4 Jun-09 0.0 -0.4 -0.1 0.1 2010 99.1 106.3 110.0 112.3 Q4-10 99.2 106.5 110.4 113.6 Jul-09 0.0 0.0 -0.1 0.0

Aug-09 0.0 -0.1 0.0 0.1 Sep-09 0.0 0.6 0.5 0.6 Oct-09 0.0 0.5 0.5 0.4 Nov-09 0.0 -0.3 -0.2 -0.2 Dec-09 0.0 0.0 -0.2 -0.3 Jan-10 0.0 -0.4 -0.8 -1.0 Feb-10 0.0 -0.2 -0.7 -1.0 Mar-10 0.0 0.3 0.1 -0.1 Apr-10 0.0 -0.5 -0.6 -0.8 May-10 0.0 -0.2 -1.0 -1.3 Jun-10 0.0 -0.5 -0.9 -0.9 Jul-10 0.0 0.1 0.5 0.8

Aug-10 0.0 -0.3 -0.4 -0.3 Sep-10 0.0 0.3 0.3 0.4 Oct-10 0.0 0.0 0.0 0.0 Nov-10 0.0 0.0 0.0 0.0 Dec-10 0.0 0.0 0.0 0.0

CYEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 100.6 101.0 102.6 99.5 Q4-07 104.0 106.9 109.7 106.9 Jul-08 -0.3 -0.5 -0.4 -0.5 1999 100.0 100.0 100.0 100.0 Q1-08 102.7 106.8 109.4 106.6 Aug-08 0.5 0.4 -0.2 -0.4 2000 103.6 101.6 98.6 97.1 Q2-08 103.6 108.3 111.6 108.9 Sep-08 0.7 0.9 0.4 0.5 2001 102.7 101.5 99.1 96.5 Q3-08 104.0 108.5 111.2 108.2 Oct-08 0.8 0.8 0.1 -0.1 2002 103.1 102.5 100.8 98.5 Q4-08 104.6 110.6 111.7 108.2 Nov-08 -0.8 0.2 -0.4 -0.7 2003 103.4 106.7 106.7 105.0 Q1-09 102.2 110.2 111.0 108.2 Dec-08 -0.9 0.9 1.2 1.2 2004 103.6 106.4 107.3 105.8 Q2-09 103.6 110.9 112.3 109.4 Jan-09 -1.5 -1.0 -1.4 -0.7 2005 104.3 107.0 107.8 105.4 Q3-09 103.2 109.8 111.5 108.9 Feb-09 -0.3 -0.7 -0.8 -0.6 2006 104.5 107.0 108.2 105.2 Q4-09 104.5 111.8 113.5 110.7 Mar-09 0.8 1.4 1.9 1.8 2007 103.2 105.4 107.6 104.6 Q1-10 103.4 109.8 110.4 107.0 Apr-09 0.6 0.0 0.0 -0.2 2008 103.6 108.4 110.5 107.2 Q2-10 103.7 109.4 109.0 105.0 May-09 0.7 0.2 0.4 0.4 2009 103.3 110.5 111.6 108.6 Q3-10 104.2 109.3 108.7 104.9 Jun-09 0.0 -0.5 -0.2 0.0 2010 103.8 109.4 109.0 105.0 Q4-10 104.3 109.9 109.6 105.9 Jul-09 -0.7 -0.9 -1.1 -1.1

Aug-09 0.0 -0.1 0.0 0.2 Sep-09 0.5 1.0 1.0 1.1 Oct-09 0.7 1.2 1.2 1.1 Nov-09 0.6 0.2 0.3 0.3 Dec-09 -0.7 -0.7 -0.9 -0.9 Jan-10 -0.7 -1.3 -1.8 -2.1 Feb-10 0.0 -0.2 -0.7 -1.0 Mar-10 -0.4 0.1 0.0 -0.2 Apr-10 0.6 0.0 0.0 -0.2 May-10 -0.2 -0.4 -1.2 -1.4 Jun-10 0.4 -0.2 -0.5 -0.6 Jul-10 -0.4 -0.4 -0.1 0.1



Cyprus - euro (before 2008: CYP)






2 - 25

90

95

100

105

110

115

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Cyprus - NEER

Y

85

90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Cyprus - REER (HICP/CPI)

CY vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 99.3 100.0 101.4 Q4-07 110.3 110.1 113.9 1999 100.0 100.0 100.0 Q1-08 111.2 112.1 115.8 2000 103.2 101.1 98.1 Q2-08 111.8 113.3 117.6 2001 103.7 102.1 100.0 Q3-08 111.9 113.2 116.9 2002 102.4 100.9 99.9 Q4-08 111.5 114.4 116.4 2003 103.7 105.5 106.4 Q1-09 110.8 116.3 117.8 2004 105.5 106.3 108.1 Q2-09 110.3 114.9 117.1 2005 106.9 107.4 109.0 Q3-09 110.2 114.3 116.7 2006 108.1 108.0 110.0 Q4-09 110.5 115.1 117.5 2007 109.1 108.5 111.6 Q1-10 111.1 114.9 116.2 2008 111.4 113.1 116.1 Q2-10 111.8 114.7 114.7 2009 110.3 114.9 116.7 Q3-10 112.5 114.7 114.6 2010 112.0 114.8 114.8 Q4-10 113.1 115.8 115.9


1998 97.8 98.7 99.7 Q4-07 106.5 107.7 109.7 1999 100.0 100.0 100.0 Q1-08 106.5 108.3 110.2 2000 102.4 100.5 98.1 Q2-08 106.5 108.4 110.8 2001 103.5 102.4 100.0 Q3-08 106.6 107.8 109.9 2002 102.2 101.2 100.1 Q4-08 106.9 109.3 109.9 2003 101.4 102.7 103.2 Q1-09 107.2 111.6 112.1 2004 104.5 105.5 106.5 Q2-09 107.4 110.7 112.2 2005 105.5 107.0 107.6 Q3-09 107.3 110.1 112.1 2006 105.9 107.1 107.8 Q4-09 107.0 110.5 112.5 2007 106.4 107.5 109.2 Q1-10 106.6 109.6 110.6 2008 106.6 108.6 110.0 Q2-10 106.4 108.8 108.5 2009 107.1 110.8 112.0 Q3-10 106.5 108.4 108.0 2010 106.6 109.2 108.9 Q4-10 106.9 109.4 109.2


1998 100.2 100.7 102.4 Q4-07 109.1 107.6 112.3 1999 100.0 100.0 100.0 Q1-08 108.4 108.2 112.9 2000 102.6 99.8 97.2 Q2-08 108.1 108.4 113.7 2001 101.8 99.2 97.6 Q3-08 108.1 108.3 113.2 2002 103.9 101.7 101.5 Q4-08 108.5 110.3 113.6 2003 110.0 111.4 113.2 Q1-09 109.2 113.3 116.4 2004 111.2 111.5 114.4 Q2-09 110.0 113.2 117.1 2005 112.3 111.9 114.6 Q3-09 110.8 113.4 117.7 2006 111.9 110.8 113.8 Q4-09 111.4 114.6 119.0 2007 110.0 107.9 112.0 Q1-10 112.0 114.4 117.8 2008 108.1 108.5 112.6 Q2-10 112.4 114.1 116.2 2009 110.2 113.3 116.8 Q3-10 112.8 113.9 115.8 2010 112.4 114.0 115.9 Q4-10 113.2 114.8 117.0


1998 100.2 100.8 102.3 Q4-07 130.2 130.5 136.5 1999 100.0 100.0 100.0 Q1-08 128.5 130.6 136.5 2000 103.5 101.1 97.7 Q2-08 127.0 130.0 136.8 2001 103.9 101.7 99.2 Q3-08 125.9 129.0 135.5 2002 106.5 104.7 103.6 Q4-08 125.5 130.7 135.4 2003 106.0 108.3 109.5 Q1-09 125.6 133.6 138.5 2004 112.2 114.3 117.2 Q2-09 126.0 133.1 139.1 2005 119.7 120.6 123.6 Q3-09 126.7 133.1 139.8 2006 129.7 130.0 133.6 Q4-09 127.4 134.6 141.4 2007 131.7 131.2 136.2 Q1-10 128.1 134.4 139.9 2008 126.5 129.7 135.0 Q2-10 128.8 134.1 138.0 2009 126.2 133.3 138.7 Q3-10 129.3 134.1 137.6 2010 128.8 134.1 137.6 Q4-10 129.8 135.1 139.1


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 26

(index 1999 = 100) (index 1999 = 100)


90

95

100

105

110

115

120

95 97 99 01 03 05 07 09


Cyprus - REER (PGDP)

85

90

95

100

105

110

115

95 97 99 01 03 05 07 09


Cyprus - REER (PX)

90

95

100

105

110

115

120

95 97 99 01 03 05 07 09


Cyprus - REER (ULCE)

90

100

110

120

130

140

150

95 97 99 01 03 05 07 09


Cyprus - REER (ULCM)

top

LVEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 95.2 95.5 95.7 85.2 Q4-07 89.3 89.1 91.7 94.7 Jul-08 0.0 -0.2 -0.1 -0.1 1999 100.0 100.0 100.0 100.0 Q1-08 89.7 90.0 92.6 96.0 Aug-08 -0.1 0.0 -0.4 -0.8 2000 112.0 108.9 107.5 107.4 Q2-08 89.3 89.7 92.7 96.3 Sep-08 -0.3 0.1 -0.2 -0.2 2001 111.9 109.8 108.6 108.4 Q3-08 88.7 88.9 91.6 95.1 Oct-08 -0.5 0.1 -0.3 -1.0 2002 107.9 105.9 105.3 106.4 Q4-08 88.1 90.2 92.1 94.7 Nov-08 0.0 1.0 0.6 0.3 2003 97.8 97.9 99.1 101.7 Q1-09 88.5 92.9 94.7 100.7 Dec-08 0.1 1.8 2.2 2.6 2004 94.2 94.1 95.9 98.9 Q2-09 88.4 92.3 94.5 100.2 Jan-09 0.6 1.2 1.0 3.6 2005 90.0 89.6 91.1 93.7 Q3-09 89.0 92.2 94.5 101.0 Feb-09 -0.2 0.3 0.0 1.1 2006 89.9 89.3 91.2 93.2 Q4-09 88.2 91.6 93.9 99.9 Mar-09 -0.4 0.1 0.4 0.1 2007 89.4 88.6 91.1 93.6 Q1-10 88.1 90.9 92.6 97.6 Apr-09 -0.1 -0.9 -0.9 -1.1 2008 88.9 89.3 91.9 95.0 Q2-10 88.3 90.4 91.5 95.2 May-09 0.0 -0.4 -0.2 -0.4 2009 88.5 91.9 94.1 99.9 Q3-10 88.1 89.9 90.9 95.1 Jun-09 1.1 1.1 1.4 1.4 2010 88.1 89.9 91.2 95.5 Q4-10 88.0 89.9 91.1 96.3 Jul-09 0.1 -0.2 -0.2 0.2

Aug-09 -0.1 -0.8 -0.8 -0.4 Sep-09 -0.4 -0.1 0.0 -0.2 Oct-09 -0.7 -0.3 -0.3 -0.8 Nov-09 0.0 -0.2 -0.1 -0.3 Dec-09 0.2 0.2 0.0 0.3 Jan-10 -0.2 -0.6 -0.9 -1.4 Feb-10 0.0 -0.4 -0.7 -1.3 Mar-10 0.1 0.0 -0.2 -0.6 Apr-10 0.1 -0.3 -0.4 -0.8 May-10 0.0 0.1 -0.4 -0.9 Jun-10 -0.1 -0.4 -0.6 -0.7 Jul-10 -0.1 -0.1 0.2 0.7

Aug-10 0.1 -0.3 -0.3 -0.2 Sep-10 -0.1 -0.1 -0.1 0.3 Oct-10 0.0 0.0 0.0 0.0 Nov-10 0.0 0.0 0.0 0.0 Dec-10 0.0 0.0 0.0 0.0

LVEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 94.4 94.9 95.7 92.0 Q4-07 116.1 115.4 117.3 111.3 Jul-08 0.3 0.1 0.1 0.1 1999 100.0 100.0 100.0 100.0 Q1-08 121.6 121.0 123.0 116.4 Aug-08 -0.4 -0.5 -0.9 -1.3 2000 112.4 109.5 107.6 106.1 Q2-08 124.1 123.2 125.7 119.0 Sep-08 0.7 0.9 0.6 0.5 2001 112.2 110.5 108.4 105.7 Q3-08 124.2 122.9 124.9 117.7 Oct-08 0.6 1.1 0.7 -0.1 2002 108.0 106.6 105.0 102.5 Q4-08 125.2 126.1 127.1 118.3 Nov-08 0.0 0.9 0.6 0.0 2003 99.0 99.8 99.9 98.1 Q1-09 129.2 132.9 133.7 127.8 Dec-08 -0.3 1.5 1.9 2.2 2004 99.3 100.1 100.9 98.8 Q2-09 127.7 130.7 131.9 125.5 Jan-09 3.4 3.6 3.2 5.4 2005 99.5 99.9 100.4 97.1 Q3-09 126.5 128.2 129.7 123.7 Feb-09 0.2 0.8 0.6 1.5 2006 103.9 103.8 104.7 99.9 Q4-09 123.2 125.2 126.6 120.3 Mar-09 -0.5 -0.1 0.2 -0.3 2007 111.4 110.4 112.2 106.5 Q1-10 122.5 123.2 123.7 116.1 Apr-09 -0.8 -1.4 -1.4 -1.7 2008 123.8 122.7 124.6 117.4 Q2-10 123.0 123.0 122.6 113.6 May-09 -0.4 -1.0 -0.8 -1.0 2009 126.6 128.6 129.9 123.8 Q3-10 123.1 122.4 122.0 113.3 Jun-09 0.4 0.5 0.7 0.7 2010 122.8 122.0 122.0 113.8 Q4-10 122.7 121.9 121.9 114.1 Jul-09 0.1 -0.4 -0.5 -0.3

Aug-09 -1.5 -2.0 -1.9 -1.5 Sep-09 -0.6 -0.4 -0.4 -0.5 Oct-09 -1.0 -0.6 -0.6 -1.1 Nov-09 -0.7 -1.0 -0.9 -1.1 Dec-09 -0.7 -0.5 -0.6 -0.5 Jan-10 0.6 -0.3 -0.7 -1.4 Feb-10 -0.6 -0.8 -1.2 -1.8 Mar-10 -0.3 -0.3 -0.4 -0.8 Apr-10 0.7 0.3 0.2 -0.2 May-10 -0.1 0.0 -0.5 -1.1 Jun-10 0.3 -0.1 -0.3 -0.4 Jul-10 0.5 0.3 0.6 1.0



Latvia - LVL






2 - 27

80

85

90

95

100

105

110

115

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Latvia - NEER

60

70

80

90

100

110

120

130

140

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Latvia - REER (HICP/CPI)

LV vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 92.5 93.1 93.8 Q4-07 145.9 140.1 142.0 1999 100.0 100.0 100.0 Q1-08 151.4 145.4 147.3 2000 115.1 111.7 109.6 Q2-08 154.0 147.6 149.9 2001 114.1 111.9 109.8 Q3-08 154.3 147.5 149.3 2002 111.4 109.3 107.9 Q4-08 152.8 149.2 149.8 2003 102.8 102.7 103.0 Q1-09 151.8 152.3 152.7 2004 104.4 103.7 104.7 Q2-09 149.4 149.4 150.4 2005 108.2 106.4 107.1 Q3-09 148.3 147.2 148.5 2006 117.1 113.8 114.6 Q4-09 145.3 144.4 145.6 2007 136.8 131.3 133.2 Q1-10 144.0 141.7 141.9 2008 153.1 146.6 148.4 Q2-10 143.3 139.8 138.9 2009 148.6 147.4 148.6 Q3-10 142.4 138.1 137.1 2010 142.8 138.4 138.0 Q4-10 141.8 137.5 136.8


1998 95.1 95.9 96.5 Q4-07 150.6 145.2 145.5 1999 100.0 100.0 100.0 Q1-08 153.7 148.0 148.1 2000 111.3 108.2 106.3 Q2-08 154.4 147.9 148.4 2001 112.7 110.6 108.6 Q3-08 153.7 146.4 146.5 2002 112.4 110.4 109.1 Q4-08 152.3 147.8 146.8 2003 112.1 111.4 111.6 Q1-09 152.3 151.5 150.6 2004 119.1 117.6 118.1 Q2-09 151.9 150.3 150.3 2005 122.9 120.8 120.6 Q3-09 153.5 150.7 151.3 2006 130.3 127.1 126.8 Q4-09 153.6 151.2 151.8 2007 144.9 140.0 140.5 Q1-10 155.4 151.8 151.4 2008 153.5 146.9 147.0 Q2-10 157.3 152.8 151.2 2009 152.8 150.3 150.6 Q3-10 158.1 153.0 151.2 2010 157.2 152.1 151.0 Q4-10 158.1 153.3 151.9


1998 94.0 94.6 95.5 Q4-07 159.5 150.6 153.5 1999 100.0 100.0 100.0 Q1-08 168.6 159.3 162.3 2000 107.7 104.3 102.6 Q2-08 172.9 163.0 166.6 2001 102.6 100.0 98.4 Q3-08 171.6 161.7 164.8 2002 96.4 94.0 93.1 Q4-08 165.9 159.9 161.7 2003 90.6 90.2 90.8 Q1-09 159.4 158.3 159.9 2004 92.6 91.7 93.1 Q2-09 151.8 150.6 152.7 2005 100.8 98.8 100.0 Q3-09 146.8 145.0 147.5 2006 115.7 111.7 113.1 Q4-09 141.5 140.5 142.8 2007 144.7 136.8 139.3 Q1-10 139.0 137.0 138.3 2008 169.7 159.9 162.8 Q2-10 137.5 134.9 135.1 2009 149.7 147.5 149.7 Q3-10 136.1 132.9 133.1 2010 136.9 133.3 133.9 Q4-10 135.0 132.0 132.4


1998 99.4 100.0 100.7 Q4-07 155.2 150.9 154.1 1999 100.0 100.0 100.0 Q1-08 163.2 159.6 163.0 2000 113.4 110.2 108.1 Q2-08 165.5 162.5 166.7 2001 99.0 97.2 95.2 Q3-08 160.8 159.1 163.0 2002 89.7 88.7 87.5 Q4-08 150.8 154.3 157.1 2003 86.5 87.4 87.9 Q1-09 140.4 149.5 152.2 2004 87.1 88.2 89.7 Q2-09 130.2 139.6 143.0 2005 94.8 94.8 96.2 Q3-09 124.1 133.1 136.8 2006 112.9 112.0 113.6 Q4-09 119.4 128.7 132.3 2007 141.2 137.2 140.0 Q1-10 117.9 126.0 128.6 2008 160.0 157.7 161.3 Q2-10 117.7 124.8 126.3 2009 128.3 136.6 140.0 Q3-10 117.2 123.5 124.9 2010 117.3 123.5 125.2 Q4-10 116.4 122.8 124.4


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 28

(index 1999 = 100) (index 1999 = 100)


60

80

100

120

140

160

95 97 99 01 03 05 07 09


Latvia - REER (PGDP)

60

80

100

120

140

160

95 97 99 01 03 05 07 09


Latvia - REER (PX)

60

80

100

120

140

160

180

95 97 99 01 03 05 07 09


Latvia - REER (ULCE)

60

80

100

120

140

160

180

95 97 99 01 03 05 07 09


Latvia - REER (ULCM)

top

LTEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 95.7 95.8 95.3 79.6 Q4-07 123.6 125.6 132.7 138.9 Jul-08 0.0 -0.3 -0.2 -0.1 1999 100.0 100.0 100.0 100.0 Q1-08 123.5 126.1 133.4 140.0 Aug-08 0.0 0.1 -0.5 -0.9 2000 115.6 113.2 112.2 112.1 Q2-08 123.4 126.0 133.9 141.0 Sep-08 0.0 0.4 0.0 0.0 2001 119.3 117.1 117.4 117.2 Q3-08 123.4 125.7 133.1 139.8 Oct-08 0.0 0.6 0.2 -0.5 2002 123.5 122.0 123.5 125.2 Q4-08 123.4 128.3 134.5 139.9 Nov-08 0.0 0.9 0.5 0.1 2003 123.8 125.6 129.6 134.2 Q1-09 123.4 131.6 137.7 148.8 Dec-08 0.0 1.5 1.9 2.6 2004 123.8 125.9 131.1 136.4 Q2-09 123.4 131.0 137.6 148.3 Jan-09 0.0 0.7 0.4 3.2 2005 123.7 125.5 130.4 135.3 Q3-09 123.4 129.8 136.9 148.6 Feb-09 0.0 0.7 0.4 1.6 2006 123.7 125.2 130.5 134.5 Q4-09 123.4 130.3 137.3 148.4 Mar-09 0.0 0.4 0.8 0.4 2007 123.6 124.9 131.5 136.2 Q1-10 123.4 129.3 135.3 144.7 Apr-09 0.0 -0.7 -0.7 -1.0 2008 123.4 125.8 132.7 138.4 Q2-10 123.4 128.8 133.5 140.9 May-09 0.0 -0.4 -0.1 -0.3 2009 123.3 130.0 136.4 146.7 Q3-10 123.4 128.4 133.0 141.3 Jun-09 0.0 0.0 0.3 0.3 2010 123.3 128.1 132.9 140.9 Q4-10 123.4 128.4 133.6 143.4 Jul-09 0.0 -0.4 -0.5 0.0

Aug-09 0.0 -0.6 -0.6 -0.1 Sep-09 0.0 0.3 0.4 0.2 Oct-09 0.0 0.5 0.4 -0.1 Nov-09 0.0 -0.2 -0.1 -0.2 Dec-09 0.0 0.0 -0.2 0.1 Jan-10 0.0 -0.4 -0.7 -1.3 Feb-10 0.0 -0.3 -0.7 -1.3 Mar-10 0.0 -0.2 -0.4 -0.9 Apr-10 0.0 -0.3 -0.5 -0.9 May-10 0.0 0.2 -0.4 -0.9 Jun-10 0.0 -0.2 -0.5 -0.5 Jul-10 0.0 0.0 0.4 0.9


LTEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 95.5 96.0 96.7 91.1 Q4-07 124.7 123.6 125.9 117.5 Jul-08 0.4 0.1 0.1 0.1 1999 100.0 100.0 100.0 100.0 Q1-08 128.0 126.7 129.2 120.2 Aug-08 0.3 0.3 -0.2 -0.7 2000 114.3 111.5 109.5 107.7 Q2-08 130.1 128.4 131.5 122.3 Sep-08 0.4 0.6 0.2 0.1 2001 116.7 114.1 112.2 108.1 Q3-08 131.3 129.2 131.6 121.7 Oct-08 1.0 1.5 1.1 0.2 2002 118.7 116.8 115.2 111.1 Q4-08 133.2 133.3 134.5 122.8 Nov-08 0.2 1.0 0.6 0.0 2003 115.4 116.8 116.8 113.5 Q1-09 137.1 140.2 141.3 132.7 Dec-08 -0.1 1.5 2.0 2.5 2004 114.6 115.8 116.9 112.9 Q2-09 135.8 138.2 139.9 130.7 Jan-09 3.3 3.6 3.2 5.5 2005 115.3 115.8 116.4 110.9 Q3-09 134.8 135.9 137.8 129.3 Feb-09 -0.3 0.3 0.1 1.1 2006 117.3 117.1 117.9 110.6 Q4-09 134.1 135.9 137.8 128.6 Mar-09 -0.2 0.1 0.5 -0.1 2007 121.5 120.1 122.1 113.9 Q1-10 135.2 135.7 136.4 125.6 Apr-09 -0.3 -1.0 -1.0 -1.3 2008 130.7 128.5 130.7 120.7 Q2-10 134.8 134.7 134.3 121.8 May-09 -0.2 -0.7 -0.5 -0.7 2009 135.4 136.6 138.1 129.2 Q3-10 135.2 134.5 134.1 122.0 Jun-09 -0.5 -0.5 -0.2 -0.3 2010 135.2 134.0 133.9 122.2 Q4-10 135.5 134.8 134.9 123.7 Jul-09 -0.2 -0.8 -0.9 -0.6

Aug-09 -0.6 -1.0 -0.9 -0.4 Sep-09 0.6 0.9 1.0 0.8 Oct-09 -0.5 -0.1 -0.1 -0.6 Nov-09 0.0 -0.1 -0.1 -0.3 Dec-09 -0.7 -0.5 -0.7 -0.5 Jan-10 1.8 1.1 0.6 -0.3 Feb-10 -0.6 -0.8 -1.2 -1.9 Mar-10 -0.6 -0.6 -0.7 -1.2 Apr-10 0.2 -0.2 -0.4 -0.8 May-10 0.1 0.3 -0.3 -0.9 Jun-10 0.1 -0.2 -0.5 -0.6 Jul-10 0.4 0.2 0.6 1.0



Lithuania - LTL






2 - 29

70

80

90

100

110

120

130

140

150

160

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Lithuania - NEER

50

60

70

80

90

100

110

120

130

140

150

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Lithuania - REER (HICP/CPI)

LT vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 98.1 98.9 99.5 Q4-07 139.8 133.6 136.1 1999 100.0 100.0 100.0 Q1-08 143.6 137.1 139.7 2000 115.2 111.9 109.9 Q2-08 146.0 138.9 142.0 2001 115.5 112.5 110.7 Q3-08 146.2 138.6 141.0 2002 117.1 114.5 113.2 Q4-08 144.2 139.5 140.6 2003 114.3 114.4 114.9 Q1-09 141.1 140.2 141.1 2004 115.4 115.0 116.3 Q2-09 138.3 136.8 138.3 2005 121.1 119.3 120.1 Q3-09 136.7 134.1 136.1 2006 126.9 123.6 124.4 Q4-09 136.7 134.5 136.4 2007 134.6 128.6 130.7 Q1-10 137.5 134.3 135.0 2008 145.0 137.5 139.5 Q2-10 138.7 134.7 134.1 2009 138.1 135.3 136.7 Q3-10 139.6 135.1 134.3 2010 138.9 133.8 133.4 Q4-10 139.9 135.4 135.1


1998 95.0 95.7 96.2 Q4-07 154.9 148.5 149.5 1999 100.0 100.0 100.0 Q1-08 161.3 154.7 155.6 2000 122.7 120.1 118.0 Q2-08 164.7 157.3 158.7 2001 122.6 120.0 117.7 Q3-08 162.8 154.5 155.2 2002 121.0 118.4 117.0 Q4-08 156.2 150.4 149.9 2003 121.9 120.9 121.0 Q1-09 148.2 145.6 145.3 2004 129.8 127.8 128.4 Q2-09 142.0 138.3 139.0 2005 137.1 134.2 133.9 Q3-09 140.1 135.1 136.3 2006 140.9 136.8 136.3 Q4-09 142.7 138.1 139.5 2007 147.0 140.9 141.7 Q1-10 147.9 142.5 142.6 2008 161.2 153.5 153.9 Q2-10 153.4 147.6 146.2 2009 143.2 138.6 139.1 Q3-10 157.1 150.9 149.4 2010 154.0 147.5 146.3 Q4-10 157.8 151.9 150.8


1998 95.3 95.8 96.9 Q4-07 135.3 127.7 131.1 1999 100.0 100.0 100.0 Q1-08 138.8 130.7 134.2 2000 105.6 102.9 101.4 Q2-08 140.9 132.2 136.3 2001 102.6 100.1 98.9 Q3-08 140.8 131.9 135.5 2002 105.9 104.4 103.8 Q4-08 138.4 132.7 135.1 2003 105.1 106.3 107.4 Q1-09 134.7 133.2 135.5 2004 108.1 109.0 111.2 Q2-09 130.7 129.4 132.2 2005 113.6 113.0 114.8 Q3-09 127.4 125.6 128.8 2006 124.5 121.8 123.7 Q4-09 125.2 124.1 127.3 2007 131.1 124.4 127.4 Q1-10 123.8 121.9 124.0 2008 139.7 130.8 134.0 Q2-10 122.8 120.4 121.3 2009 129.5 127.0 129.7 Q3-10 122.1 119.4 120.2 2010 122.5 119.2 120.3 Q4-10 121.5 118.9 120.2


1998 83.0 82.6 83.4 Q4-07 123.5 119.8 123.0 1999 100.0 100.0 100.0 Q1-08 125.5 121.9 125.2 2000 102.0 99.2 97.2 Q2-08 124.9 121.4 125.4 2001 93.9 92.4 90.8 Q3-08 120.5 117.8 121.4 2002 92.8 93.0 91.9 Q4-08 113.0 114.2 116.9 2003 96.4 99.2 100.0 Q1-09 104.8 110.2 112.9 2004 101.8 105.2 107.3 Q2-09 97.7 103.6 106.9 2005 108.5 110.3 112.0 Q3-09 93.1 98.8 102.4 2006 114.3 114.7 116.2 Q4-09 91.2 97.3 100.9 2007 119.8 116.4 119.2 Q1-10 90.9 96.3 98.9 2008 121.0 117.8 121.0 Q2-10 91.4 96.1 97.8 2009 96.7 101.6 104.7 Q3-10 91.7 96.0 97.6 2010 91.5 95.3 97.1 Q4-10 91.5 95.9 97.8


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 30

(index 1999 = 100) (index 1999 = 100)


40

60

80

100

120

140

160

95 97 99 01 03 05 07 09


Lithuania - REER (PGDP)

60

80

100

120

140

160

180

95 97 99 01 03 05 07 09


Lithuania - REER (PX)

40

60

80

100

120

140

160

95 97 99 01 03 05 07 09


Lithuania - REER (ULCE)

40

60

80

100

120

140

95 97 99 01 03 05 07 09


Lithuania - REER (ULCM)

top

HU vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 105.8 104.6 105.0 101.2 Q4-07 99.7 100.6 104.5 105.9 Jul-08 4.6 4.3 4.4 4.4 1999 100.0 100.0 100.0 100.0 Q1-08 97.2 98.6 102.4 104.0 Aug-08 -1.7 -1.7 -2.2 -2.5 2000 97.2 96.6 95.3 95.1 Q2-08 101.5 103.0 107.6 109.5 Sep-08 -2.0 -1.7 -2.1 -2.1 2001 98.6 98.5 97.6 97.5 Q3-08 106.5 107.8 112.2 113.9 Oct-08 -7.6 -7.2 -7.7 -7.9 2002 104.2 104.5 104.4 104.7 Q4-08 95.4 98.1 100.9 102.1 Nov-08 -1.9 -1.1 -1.6 -1.8 2003 99.9 101.6 103.1 104.2 Q1-09 85.5 90.0 92.4 94.5 Dec-08 0.1 1.5 1.8 2.1 2004 100.5 102.4 104.7 106.0 Q2-09 88.0 92.1 95.0 97.1 Jan-09 -5.4 -4.6 -4.8 -4.0 2005 101.9 103.2 105.3 106.5 Q3-09 92.7 96.5 99.8 102.5 Feb-09 -6.1 -5.7 -6.0 -5.6 2006 95.7 96.6 99.0 99.7 Q4-09 92.8 97.0 100.4 102.9 Mar-09 -1.9 -1.8 -1.4 -1.5 2007 100.3 100.9 104.4 105.4 Q1-10 93.6 97.2 99.9 101.9 Apr-09 3.0 2.5 2.5 2.3 2008 100.0 101.6 105.3 106.7 Q2-10 91.6 94.8 96.6 97.9 May-09 4.7 4.5 4.7 4.7 2009 89.7 93.7 96.4 98.7 Q3-10 89.0 91.9 93.6 95.1 Jun-09 0.5 0.5 0.8 0.9 2010 91.3 94.4 96.2 97.8 Q4-10 91.2 94.3 96.3 98.3 Jul-09 3.1 2.8 2.8 2.9

Aug-09 0.7 0.4 0.5 0.7 Sep-09 -0.7 -0.4 -0.3 -0.3 Oct-09 1.3 1.6 1.7 1.5 Nov-09 -0.9 -1.1 -1.0 -1.0 Dec-09 -0.8 -0.9 -1.1 -1.0 Jan-10 1.4 1.1 0.8 0.5 Feb-10 -0.6 -0.9 -1.3 -1.5 Mar-10 2.2 2.1 2.0 1.7 Apr-10 -0.1 -0.3 -0.4 -0.6 May-10 -4.1 -3.9 -4.5 -4.8 Jun-10 -1.7 -1.8 -2.1 -2.1 Jul-10 -0.8 -0.8 -0.5 -0.2

Aug-10 0.8 0.5 0.5 0.6 Sep-10 -0.3 -0.2 -0.2 0.0 Oct-10 0.0 0.0 0.0 0.0 Nov-10 0.0 0.0 0.0 0.0 Dec-10 0.0 0.0 0.0 0.0

HU vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 97.3 97.1 98.0 96.6 Q4-07 139.7 137.9 141.0 138.7 Jul-08 4.9 4.5 4.6 4.5 1999 100.0 100.0 100.0 100.0 Q1-08 138.6 137.2 140.3 137.9 Aug-08 -2.2 -2.2 -2.7 -2.9 2000 104.7 103.4 101.6 101.1 Q2-08 145.2 143.8 147.7 145.2 Sep-08 -2.2 -1.9 -2.3 -2.3 2001 113.0 111.8 109.9 108.8 Q3-08 152.1 150.1 153.5 150.4 Oct-08 -7.2 -6.9 -7.3 -7.6 2002 123.1 121.9 120.6 119.6 Q4-08 136.3 136.4 138.0 134.6 Nov-08 -1.8 -1.2 -1.6 -1.9 2003 121.3 121.7 122.1 121.6 Q1-09 124.0 126.6 127.8 125.8 Dec-08 -0.2 1.1 1.5 1.8 2004 127.8 128.1 129.4 128.8 Q2-09 129.9 131.9 133.7 131.4 Jan-09 -4.0 -3.5 -3.8 -3.1 2005 131.4 130.8 131.8 130.4 Q3-09 139.3 140.5 142.8 140.6 Feb-09 -6.0 -5.6 -5.7 -5.4 2006 125.8 124.5 125.8 123.8 Q4-09 138.7 140.3 142.7 140.3 Mar-09 -1.7 -1.6 -1.2 -1.3 2007 139.3 137.3 139.8 137.3 Q1-10 142.2 142.7 144.0 140.7 Apr-09 3.7 3.1 3.1 2.9 2008 142.9 141.5 144.1 141.1 Q2-10 140.4 140.5 140.6 136.4 May-09 6.3 6.0 6.2 6.2 2009 132.7 134.4 136.0 133.7 Q3-10 136.6 136.1 136.1 132.2 Jun-09 0.4 0.3 0.6 0.7 2010 139.6 139.3 139.4 135.6 Q4-10 139.5 139.2 139.6 136.0 Jul-09 5.2 4.7 4.6 4.7

Aug-09 -0.2 -0.4 -0.3 -0.1 Sep-09 -0.8 -0.6 -0.6 -0.5 Oct-09 0.9 1.3 1.3 1.1 Nov-09 -0.4 -0.6 -0.6 -0.6 Dec-09 -1.4 -1.4 -1.6 -1.6 Jan-10 3.6 3.0 2.5 2.1 Feb-10 -0.8 -1.0 -1.4 -1.7 Mar-10 2.0 2.0 1.9 1.7 Apr-10 0.6 0.3 0.1 -0.1 May-10 -3.5 -3.4 -3.9 -4.2 Jun-10 -1.5 -1.6 -1.9 -2.0 Jul-10 -0.5 -0.6 -0.3 -0.1

Aug-10 0.1 -0.2 -0.2 -0.1 Sep-10 -0.5 -0.5 -0.5 -0.4 Oct-10 0.0 0.0 0.0 0.0 Nov-10 0.0 0.0 0.0 0.0 Dec-10 0.0 0.0 0.0 0.0


Hungary - HUF






2 - 31


80

100

120

140

160

180

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Hungary - NEER

80

100

120

140

160

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Hungary - REER (HICP/CPI)

HU vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 99.8 99.8 100.6 Q4-07 143.6 139.1 142.5 1999 100.0 100.0 100.0 Q1-08 140.9 136.9 140.2 2000 105.4 104.1 102.2 Q2-08 148.2 143.8 147.9 2001 115.4 113.9 112.1 Q3-08 156.8 151.6 155.1 2002 128.9 127.2 126.1 Q4-08 141.7 139.0 140.7 2003 127.5 127.2 128.0 Q1-09 128.1 128.6 129.9 2004 133.6 132.9 134.5 Q2-09 132.9 132.7 134.6 2005 136.4 134.4 135.7 Q3-09 141.0 140.0 142.4 2006 131.5 128.6 130.0 Q4-09 142.1 141.3 143.9 2007 142.9 138.4 141.1 Q1-10 144.1 142.2 143.6 2008 146.7 142.3 145.0 Q2-10 141.6 139.2 139.2 2009 135.8 135.2 136.8 Q3-10 138.2 135.3 135.1 2010 141.4 138.6 138.5 Q4-10 142.1 139.2 139.5


1998 100.4 100.5 101.1 Q4-07 97.4 96.0 97.5 1999 100.0 100.0 100.0 Q1-08 94.5 93.4 94.8 2000 103.6 102.6 101.1 Q2-08 99.2 97.8 99.6 2001 107.3 106.6 104.9 Q3-08 105.5 103.3 104.8 2002 109.0 108.2 107.4 Q4-08 96.5 95.5 95.9 2003 105.8 105.9 106.3 Q1-09 88.2 89.0 89.4 2004 104.6 104.3 105.2 Q2-09 92.1 92.1 93.0 2005 103.6 103.0 103.5 Q3-09 97.1 96.5 97.9 2006 101.2 100.1 100.6 Q4-09 96.3 96.0 97.5 2007 100.4 98.9 100.1 Q1-10 95.4 94.8 95.5 2008 98.8 97.3 98.3 Q2-10 91.8 91.1 90.9 2009 93.3 93.2 94.0 Q3-10 88.2 87.5 87.1 2010 91.3 90.5 90.3 Q4-10 90.1 89.6 89.5


1998 101.5 101.3 102.3 Q4-07 152.8 147.5 151.5 1999 100.0 100.0 100.0 Q1-08 149.6 144.8 148.7 2000 110.3 108.5 106.7 Q2-08 156.3 151.0 155.8 2001 117.4 115.0 113.3 Q3-08 163.1 157.1 161.5 2002 132.6 130.6 129.8 Q4-08 144.9 141.6 144.1 2003 132.0 131.7 132.8 Q1-09 128.6 128.5 130.6 2004 138.4 138.2 140.3 Q2-09 131.2 130.5 133.3 2005 144.4 142.4 144.3 Q3-09 137.7 136.1 139.5 2006 138.2 135.3 137.4 Q4-09 138.0 136.7 140.2 2007 151.5 146.4 149.7 Q1-10 139.6 137.3 139.8 2008 153.2 148.1 151.5 Q2-10 137.1 134.3 135.5 2009 133.7 132.5 135.1 Q3-10 133.5 130.4 131.3 2010 136.6 133.5 134.6 Q4-10 136.7 133.7 135.0


1998 104.3 103.3 104.2 Q4-07 135.9 132.7 136.8 1999 100.0 100.0 100.0 Q1-08 132.4 129.9 134.0 2000 112.4 110.8 108.6 Q2-08 137.7 135.1 140.2 2001 122.6 120.6 118.2 Q3-08 142.8 140.2 145.1 2002 130.3 128.8 127.6 Q4-08 125.9 126.1 129.4 2003 121.6 122.0 123.0 Q1-09 111.0 114.3 117.4 2004 128.5 129.3 131.7 Q2-09 112.6 115.8 119.8 2005 134.2 133.2 135.5 Q3-09 117.8 120.8 125.4 2006 125.9 124.5 126.6 Q4-09 118.1 121.3 126.1 2007 135.5 132.3 135.7 Q1-10 119.6 121.9 125.7 2008 134.5 132.3 136.2 Q2-10 117.6 119.3 121.8 2009 114.8 117.6 121.3 Q3-10 114.7 115.8 118.1 2010 117.2 118.5 120.9 Q4-10 117.5 118.7 121.4


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 32

(index 1999 = 100) (index 1999 = 100)


80

90

100

110

120

130

140

150

160

95 97 99 01 03 05 07 09


Hungary - REER (PGDP)

80

90

100

110

120

95 97 99 01 03 05 07 09


Hungary - REER (PX)

90

100

110

120

130

140

150

160

170

95 97 99 01 03 05 07 09


Hungary - REER (ULCE)

90

100

110

120

130

140

150

95 97 99 01 03 05 07 09


Hungary - REER (ULCM)

top

MTEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 98.5 98.7 101.3 99.9 Q4-07 99.2 100.5 111.6 113.6 Jul-08 0.0 -0.1 0.4 0.4 1999 100.0 100.0 100.0 100.0 Q1-08 99.2 101.6 112.6 115.0 Aug-08 0.0 0.0 -1.4 -1.8 2000 105.4 103.9 98.5 98.1 Q2-08 99.1 102.2 114.6 117.2 Sep-08 0.0 0.2 -1.5 -1.4 2001 105.7 104.8 99.5 99.3 Q3-08 99.1 102.1 113.5 115.6 Oct-08 0.0 0.0 -3.0 -2.8 2002 104.2 103.6 100.7 100.9 Q4-08 99.1 103.5 108.5 110.4 Nov-08 0.0 1.0 -1.2 -1.3 2003 100.0 101.3 103.5 105.4 Q1-09 99.1 105.5 109.2 111.7 Dec-08 0.0 1.6 2.2 2.1 2004 99.6 100.6 105.5 108.5 Q2-09 99.1 104.8 110.7 113.1 Jan-09 0.0 0.5 -0.4 0.4 2005 99.1 100.1 105.1 107.4 Q3-09 99.1 104.4 111.5 114.4 Feb-09 0.0 -0.3 -1.0 -1.1 2006 99.2 100.2 106.1 107.8 Q4-09 99.1 105.0 112.3 115.5 Mar-09 0.0 0.6 1.9 1.8 2007 99.2 100.1 109.4 111.1 Q1-10 99.1 104.5 109.3 111.9 Apr-09 0.0 -0.5 -0.1 -0.3 2008 99.1 102.4 111.8 114.0 Q2-10 99.1 103.8 105.6 107.5 May-09 0.0 -0.3 0.5 0.6 2009 99.1 105.0 110.4 113.1 Q3-10 99.1 103.4 104.8 107.1 Jun-09 0.0 -0.4 0.6 0.8 2010 99.1 103.9 106.0 108.3 Q4-10 99.1 103.8 106.2 108.9 Jul-09 0.0 0.0 -0.2 0.0



MTEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 97.4 97.7 100.8 100.2 Q4-07 100.7 102.4 113.0 113.0 Jul-08 1.9 1.8 2.2 2.0 1999 100.0 100.0 100.0 100.0 Q1-08 99.5 102.2 112.6 112.7 Aug-08 0.4 0.3 -1.1 -1.4 2000 106.3 105.0 99.1 98.8 Q2-08 101.9 105.1 117.2 117.5 Sep-08 -0.1 0.1 -1.6 -1.4 2001 106.7 106.1 100.3 99.9 Q3-08 104.2 107.3 118.4 118.0 Oct-08 1.0 1.0 -1.8 -1.7 2002 105.6 105.3 101.8 101.9 Q4-08 103.6 108.1 112.9 112.6 Nov-08 -2.5 -1.6 -3.4 -3.6 2003 101.3 103.0 104.7 106.1 Q1-09 101.9 108.2 111.9 112.1 Dec-08 0.2 1.9 2.8 2.7 2004 101.5 103.0 107.4 109.4 Q2-09 105.0 110.7 116.8 116.9 Jan-09 -1.5 -1.1 -2.2 -1.6 2005 101.6 103.0 107.3 108.6 Q3-09 105.5 110.6 117.8 118.2 Feb-09 0.2 -0.1 -0.6 -0.7 2006 102.2 103.6 108.8 109.2 Q4-09 102.9 108.4 115.8 116.4 Mar-09 1.3 1.9 3.2 3.0 2007 100.9 102.0 110.7 110.7 Q1-10 101.8 106.6 111.3 111.2 Apr-09 2.0 1.5 2.0 1.8 2008 102.3 105.7 114.7 114.6 Q2-10 105.2 109.4 111.4 110.7 May-09 0.2 -0.3 0.6 0.7 2009 103.8 109.6 114.9 115.2 Q3-10 106.7 110.3 112.0 111.5 Jun-09 -0.3 -0.7 0.2 0.5 2010 104.5 108.7 110.9 110.4 Q4-10 104.3 108.2 111.1 110.7 Jul-09 0.5 0.3 0.0 0.0

Aug-09 0.1 0.0 0.5 0.6 Sep-09 -0.1 0.4 0.3 0.6 Oct-09 -0.5 0.0 0.2 0.1 Nov-09 -2.6 -2.9 -2.8 -2.8 Dec-09 -0.6 -0.5 -1.0 -1.2 Jan-10 0.1 -0.4 -1.3 -1.6 Feb-10 -0.2 -0.4 -1.8 -2.0 Mar-10 0.5 0.9 0.6 0.5 Apr-10 2.3 1.7 1.8 1.5 May-10 1.1 0.9 -1.5 -1.7 Jun-10 -0.1 -0.6 -1.6 -1.7 Jul-10 0.9 1.0 2.0 2.2

Aug-10 0.7 0.4 0.5 0.6 Sep-10 -0.9 -0.6 -0.5 -0.4 Oct-10 0.0 0.0 0.0 0.0 Nov-10 0.0 0.0 0.0 0.0 Dec-10 0.0 0.0 0.0 0.0


Malta - euro (before 2008: MTL)






2 - 33

85

90

95

100

105

110

115

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Malta - NEER

80

85

90

95

100

105

110

115

120

125

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Malta - REER (HICP/CPI)

MT vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 98.2 98.7 101.6 Q4-07 106.4 106.0 118.3 1999 100.0 100.0 100.0 Q1-08 106.4 107.1 119.3 2000 107.0 105.3 99.6 Q2-08 106.5 107.6 121.5 2001 108.2 107.1 101.8 Q3-08 106.6 107.7 120.4 2002 107.5 106.4 103.8 Q4-08 106.8 109.4 115.3 2003 104.1 104.8 107.7 Q1-09 107.1 111.7 116.4 2004 103.6 103.7 109.3 Q2-09 107.6 111.5 118.5 2005 103.9 104.0 109.4 Q3-09 108.2 111.6 120.0 2006 105.5 105.2 111.6 Q4-09 109.0 112.9 121.5 2007 106.2 105.6 115.9 Q1-10 109.8 113.0 119.0 2008 106.6 108.0 118.5 Q2-10 110.5 112.8 115.6 2009 108.0 112.0 118.5 Q3-10 111.1 112.8 115.3 2010 110.7 113.1 116.2 Q4-10 111.5 113.7 117.4


1998 95.7 96.2 98.4 Q4-07 119.9 120.9 130.9 1999 100.0 100.0 100.0 Q1-08 118.4 120.1 129.9 2000 117.1 115.7 110.5 Q2-08 117.1 118.8 130.3 2001 107.2 106.6 101.8 Q3-08 116.5 117.7 128.5 2002 109.1 108.6 106.1 Q4-08 116.8 119.1 123.4 2003 104.9 105.7 108.2 Q1-09 117.2 121.4 125.1 2004 104.8 105.5 109.8 Q2-09 117.2 120.3 127.3 2005 105.7 106.6 110.5 Q3-09 116.0 118.5 127.4 2006 112.4 113.2 117.9 Q4-09 113.7 116.9 126.1 2007 120.0 120.8 129.2 Q1-10 111.1 113.7 120.0 2008 117.2 119.0 127.5 Q2-10 108.7 110.7 113.6 2009 116.0 119.3 126.0 Q3-10 107.2 108.8 111.2 2010 108.4 110.6 113.8 Q4-10 106.8 108.9 112.4


1998 98.8 99.3 102.2 Q4-07 104.4 103.0 116.1 1999 100.0 100.0 100.0 Q1-08 104.6 104.3 117.4 2000 102.9 100.9 95.4 Q2-08 104.6 105.0 119.8 2001 109.9 107.9 102.7 Q3-08 104.7 105.0 119.0 2002 107.0 105.5 103.4 Q4-08 104.6 106.4 114.1 2003 106.8 107.0 110.9 Q1-09 104.5 108.2 115.2 2004 105.0 104.7 111.6 Q2-09 104.3 107.3 116.9 2005 103.3 102.7 109.3 Q3-09 104.1 106.6 117.8 2006 103.9 102.8 110.1 Q4-09 103.8 106.8 118.4 2007 104.3 102.5 113.6 Q1-10 103.6 106.0 114.9 2008 104.6 105.3 117.0 Q2-10 103.5 105.1 110.8 2009 104.2 107.3 116.5 Q3-10 103.4 104.5 109.8 2010 103.5 105.2 111.2 Q4-10 103.5 105.0 111.4


1998 : : : Q4-07 : : :1999 : : : Q1-08 : : :2000 : : : Q2-08 : : :2001 : : : Q3-08 : : :2002 : : : Q4-08 : : :2003 : : : Q1-09 : : :2004 : : : Q2-09 : : :2005 : : : Q3-09 : : :2006 : : : Q4-09 : : :2007 : : : Q1-10 : : :2008 : : : Q2-10 : : :2009 : : : Q3-10 : : :2010 : : : Q4-10 : : :


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 34

(index 1999 = 100) (index 1999 = 100)


85

90

95

100

105

110

115

120

125

95 97 99 01 03 05 07 09


Malta - REER (PGDP)

80

90

100

110

120

130

140

95 97 99 01 03 05 07 09


Malta - REER (PX)

90

95

100

105

110

115

120

125

95 97 99 01 03 05 07 09


Malta - REER (ULCE)

top

NLEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.8 99.8 100.5 99.2 Q4-07 99.9 100.9 106.2 107.1 Jul-08 0.0 -0.1 0.1 0.1 1999 100.0 100.0 100.0 100.0 Q1-08 99.9 101.8 107.2 108.2 Aug-08 0.0 0.1 -0.7 -0.9 2000 100.0 98.7 97.1 96.8 Q2-08 99.9 102.1 108.2 109.4 Sep-08 0.0 0.3 -0.4 -0.3 2001 100.1 99.3 98.3 98.1 Q3-08 99.8 102.0 107.5 108.5 Oct-08 0.0 0.2 -0.7 -0.8 2002 100.1 99.4 99.3 99.5 Q4-08 99.8 103.5 107.1 107.8 Nov-08 0.0 1.0 0.2 0.0 2003 100.1 101.2 103.2 104.1 Q1-09 99.8 105.7 108.8 110.3 Dec-08 0.0 1.5 2.0 1.9 2004 100.1 101.0 104.1 105.3 Q2-09 99.8 105.0 108.9 110.3 Jan-09 0.0 0.5 0.2 0.9 2005 100.1 100.8 103.8 104.7 Q3-09 99.8 104.5 109.0 110.6 Feb-09 0.0 0.0 -0.4 -0.3 2006 100.0 100.6 104.1 104.6 Q4-09 99.8 105.0 109.6 111.2 Mar-09 0.0 0.5 1.0 0.9 2007 99.9 100.5 105.2 105.9 Q1-10 99.8 104.5 107.9 109.1 Apr-09 0.0 -0.6 -0.5 -0.6 2008 99.9 102.3 107.3 108.2 Q2-10 99.8 103.9 105.9 106.6 May-09 0.0 -0.3 0.0 0.0 2009 99.8 105.0 108.9 110.4 Q3-10 99.8 103.5 105.4 106.4 Jun-09 0.0 -0.3 0.2 0.2 2010 99.8 103.8 106.2 107.1 Q4-10 99.8 103.8 106.3 107.5 Jul-09 0.0 -0.2 -0.2 -0.1

Aug-09 0.0 -0.3 -0.1 -0.1 Sep-09 0.0 0.4 0.5 0.5 Oct-09 0.0 0.4 0.5 0.4 Nov-09 0.0 -0.3 -0.1 -0.1 Dec-09 0.0 0.0 -0.3 -0.3 Jan-10 0.0 -0.4 -0.8 -0.9 Feb-10 0.0 -0.2 -0.8 -1.0 Mar-10 0.0 0.2 -0.1 -0.2 Apr-10 0.0 -0.4 -0.6 -0.7 May-10 0.0 -0.1 -1.0 -1.2 Jun-10 0.0 -0.4 -0.8 -0.9 Jul-10 0.0 0.1 0.6 0.8


NLEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 98.8 99.1 100.4 99.8 Q4-07 102.0 102.9 106.7 105.8 Jul-08 -0.1 -0.3 -0.2 -0.2 1999 100.0 100.0 100.0 100.0 Q1-08 101.9 103.6 107.5 106.5 Aug-08 0.3 0.2 -0.5 -0.7 2000 100.2 98.9 96.9 96.5 Q2-08 102.0 104.1 108.6 107.6 Sep-08 0.4 0.6 0.0 0.1 2001 103.1 102.3 100.4 99.8 Q3-08 101.6 103.4 107.3 106.1 Oct-08 -0.1 0.1 -0.8 -0.9 2002 105.0 104.4 103.2 102.8 Q4-08 101.7 105.0 107.0 105.5 Nov-08 0.1 1.0 0.3 0.1 2003 105.4 106.6 107.4 107.6 Q1-09 102.7 108.0 109.6 108.7 Dec-08 -0.8 0.8 1.4 1.3 2004 104.7 105.7 107.6 107.9 Q2-09 103.5 108.0 110.4 109.3 Jan-09 0.8 1.2 0.7 1.3 2005 104.0 104.9 106.6 106.3 Q3-09 102.0 105.8 108.6 107.7 Feb-09 0.4 0.4 0.1 0.2 2006 103.6 104.3 106.3 105.4 Q4-09 102.0 106.3 109.2 108.2 Mar-09 1.0 1.5 1.9 1.8 2007 102.9 103.4 106.6 105.6 Q1-10 102.2 105.7 107.4 106.0 Apr-09 0.1 -0.5 -0.4 -0.5 2008 101.8 103.9 107.4 106.2 Q2-10 102.5 105.4 105.9 103.9 May-09 0.1 -0.4 0.0 0.0 2009 102.5 106.9 109.3 108.2 Q3-10 101.8 104.2 104.6 102.8 Jun-09 -0.7 -1.0 -0.6 -0.5 2010 102.0 104.8 105.6 103.8 Q4-10 101.7 104.4 105.3 103.7 Jul-09 -1.1 -1.4 -1.4 -1.4

Aug-09 -0.2 -0.4 -0.3 -0.2 Sep-09 0.7 1.1 1.1 1.2 Oct-09 0.1 0.6 0.6 0.5 Nov-09 -0.2 -0.5 -0.4 -0.4 Dec-09 -1.2 -1.1 -1.3 -1.4 Jan-10 0.4 -0.2 -0.7 -0.9 Feb-10 0.5 0.3 -0.3 -0.5 Mar-10 0.7 0.9 0.7 0.6 Apr-10 0.1 -0.4 -0.5 -0.7 May-10 -0.2 -0.3 -1.2 -1.4 Jun-10 -0.7 -1.1 -1.5 -1.6 Jul-10 -0.3 -0.3 0.2 0.4

Aug-10 -0.1 -0.4 -0.4 -0.3 Sep-10 0.7 0.8 0.8 0.9 Oct-10 0.0 0.6 1.3 1.5 Nov-10 -0.2 -0.6 -0.7 -0.8 Dec-10 -1.0 -1.2 -1.5 -1.7

2 - 35


monthly % change




Netherlands - euro (before 1999: NLG)


Annual data Quarterly data Monthly data(index 1999 = 100) (index 1999 = 100)

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Netherlands - NEER

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Netherlands - REER (HICP/CPI)

NL vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 98.9 99.3 100.5 Q4-07 107.8 106.8 110.7 1999 100.0 100.0 100.0 Q1-08 108.2 107.9 111.8 2000 103.1 101.5 99.3 Q2-08 108.3 108.3 112.9 2001 106.2 104.9 103.0 Q3-08 108.2 108.0 112.0 2002 107.9 106.5 105.6 Q4-08 107.8 109.2 111.1 2003 108.1 108.4 109.6 Q1-09 107.3 110.9 112.4 2004 107.1 106.9 109.1 Q2-09 106.8 109.7 112.0 2005 107.9 107.4 109.3 Q3-09 106.6 108.9 111.7 2006 108.0 107.1 109.2 Q4-09 106.7 109.3 112.2 2007 107.5 106.1 109.6 Q1-10 106.9 108.8 110.4 2008 108.1 108.2 111.7 Q2-10 107.1 108.2 108.4 2009 106.8 109.6 111.8 Q3-10 107.3 107.9 108.0 2010 107.1 108.1 108.6 Q4-10 107.3 108.2 108.8


1998 100.5 100.9 106.9 Q4-07 103.7 103.8 106.1 1999 100.0 100.0 105.3 Q1-08 104.8 105.5 107.7 2000 102.4 101.2 102.6 Q2-08 105.5 106.1 108.9 2001 102.6 101.9 101.8 Q3-08 105.2 105.3 107.7 2002 101.0 100.4 100.0 Q4-08 104.2 105.3 106.0 2003 101.5 102.0 99.3 Q1-09 102.7 105.7 106.2 2004 101.2 101.5 100.0 Q2-09 101.6 103.6 105.2 2005 102.5 102.9 99.5 Q3-09 101.1 102.5 104.8 2006 102.7 102.8 102.8 Q4-09 101.5 103.5 105.9 2007 102.5 102.5 102.9 Q1-10 102.3 103.9 105.1 2008 104.9 105.5 103.9 Q2-10 103.2 104.3 104.2 2009 101.7 103.8 103.8 Q3-10 103.8 104.7 104.4 2010 103.3 104.5 104.5 Q4-10 104.0 105.2 105.4


1998 99.1 99.4 100.8 Q4-07 107.7 105.6 110.1 1999 100.0 100.0 100.0 Q1-08 107.4 106.3 110.8 2000 102.0 100.1 98.1 Q2-08 107.2 106.5 111.7 2001 105.0 103.0 101.4 Q3-08 107.2 106.4 111.2 2002 108.0 106.0 105.5 Q4-08 107.5 108.3 111.2 2003 109.0 108.7 110.4 Q1-09 107.9 110.9 113.5 2004 108.6 108.0 110.8 Q2-09 108.2 110.5 114.0 2005 107.2 106.1 108.7 Q3-09 108.3 110.0 114.2 2006 107.3 105.7 108.4 Q4-09 108.3 110.3 114.7 2007 107.9 105.5 109.4 Q1-10 108.1 109.5 112.5 2008 107.4 106.7 110.9 Q2-10 107.9 108.6 110.1 2009 108.2 110.3 113.8 Q3-10 107.8 108.0 109.5 2010 107.9 108.5 110.4 Q4-10 107.9 108.4 110.4


1998 99.6 99.7 100.8 Q4-07 100.2 100.0 104.8 1999 100.0 100.0 100.0 Q1-08 100.5 101.4 106.4 2000 99.8 98.1 95.8 Q2-08 100.7 102.3 108.0 2001 102.7 101.1 98.9 Q3-08 100.6 102.3 107.8 2002 104.0 102.7 101.7 Q4-08 100.1 103.6 107.6 2003 105.7 106.4 107.8 Q1-09 99.3 105.2 109.3 2004 104.1 104.8 107.9 Q2-09 98.6 104.0 109.2 2005 101.9 102.0 105.0 Q3-09 98.2 103.1 109.0 2006 102.2 102.1 105.1 Q4-09 98.0 103.3 109.4 2007 100.3 99.7 103.9 Q1-10 98.0 102.7 107.5 2008 100.5 102.3 107.2 Q2-10 98.2 102.1 105.4 2009 98.6 103.8 109.0 Q3-10 98.4 101.8 104.9 2010 98.3 102.1 105.7 Q4-10 98.5 102.2 105.8

(index 1999 = 100) (index 1999 = 100)

2 - 36

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)



95

100

105

110

115

95 97 99 01 03 05 07 09


Netherlands - REER (PGDP)

95

100

105

110

95 97 99 01 03 05 07 09


Netherlands - REER (PX)

95

100

105

110

115

95 97 99 01 03 05 07 09


Netherlands - REER (ULCE)

90

95

100

105

110

95 97 99 01 03 05 07 09


Netherlands - REER (ULCM)

top

ATEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.7 99.2 99.7 97.8 Q4-07 100.0 100.3 105.7 107.1 Jul-08 0.0 -0.3 -0.1 -0.1 1999 100.0 100.0 100.0 100.0 Q1-08 99.9 100.8 106.2 107.8 Aug-08 0.0 0.1 -0.6 -0.8 2000 100.1 99.3 97.7 97.4 Q2-08 99.9 100.7 106.8 108.6 Sep-08 0.0 0.3 -0.3 -0.3 2001 100.2 99.7 98.5 98.3 Q3-08 99.8 100.4 106.0 107.6 Oct-08 0.0 0.5 -0.5 -0.6 2002 100.2 99.8 99.4 99.8 Q4-08 99.8 102.0 105.5 106.8 Nov-08 0.0 0.7 0.0 -0.2 2003 100.2 101.3 103.1 104.4 Q1-09 99.8 104.1 107.2 109.6 Dec-08 0.0 1.2 1.6 1.7 2004 100.2 101.3 104.2 105.8 Q2-09 99.8 103.6 107.4 109.6 Jan-09 0.0 0.7 0.3 1.1 2005 100.2 100.7 103.5 104.8 Q3-09 99.8 103.0 107.3 109.9 Feb-09 0.0 0.4 0.1 0.2 2006 100.1 100.6 103.8 104.7 Q4-09 99.8 103.3 107.7 110.2 Mar-09 0.0 0.2 0.7 0.6 2007 100.0 100.1 104.8 105.9 Q1-10 99.8 102.8 106.0 108.0 Apr-09 0.0 -0.5 -0.5 -0.6 2008 99.8 100.9 105.8 107.3 Q2-10 99.8 102.5 104.3 105.7 May-09 0.0 -0.3 0.0 0.0 2009 99.8 103.4 107.1 109.4 Q3-10 99.8 102.2 103.9 105.6 Jun-09 0.0 -0.1 0.3 0.4 2010 99.8 102.4 104.4 106.0 Q4-10 99.8 102.3 104.5 106.5 Jul-09 0.0 -0.3 -0.3 -0.1


Aug-10 0.0 -0.3 -0.3 -0.2 Sep-10 0.0 0.1 0.1 0.2 Oct-10 0.0 0.2 1.0 1.4 Nov-10 0.0 -0.1 -0.3 -0.4 Dec-10 0.0 0.0 -0.6 -0.9

ATEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 100.4 100.5 101.6 100.8 Q4-07 98.2 96.8 100.8 99.5 Jul-08 -0.3 -0.7 -0.5 -0.6 1999 100.0 100.0 100.0 100.0 Q1-08 98.2 97.1 101.2 99.9 Aug-08 -0.1 0.0 -0.6 -0.9 2000 99.8 98.6 96.6 96.1 Q2-08 98.2 97.0 101.6 100.4 Sep-08 0.3 0.5 -0.1 0.0 2001 99.7 98.5 96.6 95.8 Q3-08 97.7 96.2 100.3 98.8 Oct-08 0.0 0.4 -0.5 -0.7 2002 99.3 97.9 96.8 96.3 Q4-08 98.0 97.9 100.2 98.4 Nov-08 0.2 0.9 0.3 0.0 2003 98.7 98.7 99.6 99.5 Q1-09 98.1 99.8 101.8 100.6 Dec-08 -0.1 1.1 1.6 1.7 2004 98.5 98.4 100.3 100.3 Q2-09 97.9 99.0 101.6 100.2 Jan-09 0.2 0.7 0.1 0.8 2005 98.6 97.8 99.4 98.8 Q3-09 98.0 98.4 101.4 100.3 Feb-09 -0.1 0.3 0.0 0.2 2006 98.1 97.1 99.2 97.9 Q4-09 98.3 98.9 102.0 100.8 Mar-09 -0.1 0.1 0.6 0.5 2007 98.1 96.5 100.0 98.5 Q1-10 98.5 98.4 100.4 98.6 Apr-09 -0.1 -0.7 -0.6 -0.7 2008 98.0 96.9 100.5 98.9 Q2-10 98.3 98.0 98.7 96.4 May-09 0.1 -0.4 -0.1 0.0 2009 98.0 98.9 101.3 99.9 Q3-10 98.2 97.5 98.1 96.0 Jun-09 -0.3 -0.4 0.0 0.0 2010 98.3 97.8 98.7 96.5 Q4-10 98.4 97.8 98.9 96.9 Jul-09 0.2 -0.3 -0.3 -0.3

Aug-09 0.0 -0.2 0.0 0.2 Sep-09 0.3 0.5 0.5 0.6 Oct-09 -0.1 0.3 0.3 0.1 Nov-09 0.2 0.0 0.1 0.0 Dec-09 -0.1 0.0 -0.3 -0.3 Jan-10 0.3 -0.3 -0.8 -1.1 Feb-10 -0.2 -0.4 -0.9 -1.2 Mar-10 0.2 0.2 0.0 -0.1 Apr-10 -0.1 -0.4 -0.5 -0.7 May-10 -0.2 0.0 -0.9 -1.2 Jun-10 0.0 -0.2 -0.6 -0.7 Jul-10 -0.2 -0.3 0.1 0.3

Aug-10 0.0 -0.2 -0.2 -0.1 Sep-10 0.2 0.3 0.3 0.4 Oct-10 0.1 0.4 1.1 1.4 Nov-10 -0.1 -0.3 -0.4 -0.6 Dec-10 0.0 0.0 -0.5 -0.8

2 - 37


monthly % change




Austria - euro (before 1999: ATS)



90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Austria - NEER

90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Austria - REER (HICP/CPI)

AT vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 100.4 100.5 101.5 Q4-07 98.5 95.6 99.7 1999 100.0 100.0 100.0 Q1-08 98.6 96.0 100.0 2000 100.1 98.8 96.7 Q2-08 98.5 95.8 100.4 2001 99.7 98.3 96.5 Q3-08 98.4 95.3 99.5 2002 98.7 97.0 96.2 Q4-08 98.4 96.7 98.9 2003 97.9 97.4 98.6 Q1-09 98.3 98.6 100.4 2004 98.0 97.0 99.1 Q2-09 98.2 97.9 100.4 2005 98.5 96.8 98.7 Q3-09 98.1 97.2 100.2 2006 98.7 96.6 98.8 Q4-09 98.1 97.4 100.4 2007 98.5 95.6 99.1 Q1-10 98.2 96.9 98.7 2008 98.4 95.8 99.3 Q2-10 98.3 96.5 97.0 2009 98.1 97.6 99.9 Q3-10 98.3 96.3 96.6 2010 98.2 96.3 97.0 Q4-10 98.4 96.4 97.1


1998 98.5 98.7 99.5 Q4-07 99.2 98.3 100.9 1999 100.0 100.0 100.0 Q1-08 99.3 98.6 101.2 2000 97.7 96.8 95.1 Q2-08 99.4 98.4 101.6 2001 97.5 96.8 95.0 Q3-08 99.7 98.2 100.9 2002 98.1 97.2 96.4 Q4-08 100.3 99.9 100.8 2003 99.0 98.9 99.7 Q1-09 100.9 102.2 103.0 2004 99.3 99.0 100.4 Q2-09 101.4 101.8 103.6 2005 98.9 98.4 99.5 Q3-09 101.6 101.3 103.7 2006 99.1 98.3 99.5 Q4-09 101.4 101.5 104.1 2007 99.2 98.1 100.4 Q1-10 101.0 100.9 102.3 2008 99.6 98.6 100.8 Q2-10 100.7 100.4 100.5 2009 101.3 101.6 103.3 Q3-10 100.4 100.2 100.0 2010 100.6 100.3 100.5 Q4-10 100.4 100.3 100.5


1998 100.8 100.8 102.0 Q4-07 94.9 91.5 95.7 1999 100.0 100.0 100.0 Q1-08 94.7 91.6 95.9 2000 98.8 97.1 95.2 Q2-08 94.4 91.2 96.1 2001 98.0 96.0 94.4 Q3-08 94.2 90.8 95.3 2002 96.2 94.2 93.6 Q4-08 94.2 92.2 94.9 2003 95.7 94.8 96.3 Q1-09 94.2 94.1 96.7 2004 94.5 93.5 96.0 Q2-09 94.3 93.8 97.1 2005 95.0 93.1 95.4 Q3-09 94.6 93.4 97.2 2006 95.4 93.1 95.6 Q4-09 94.9 93.9 97.8 2007 95.1 91.7 95.4 Q1-10 95.2 93.7 96.5 2008 94.3 91.3 95.2 Q2-10 95.5 93.7 95.1 2009 94.5 93.6 96.8 Q3-10 95.8 93.6 94.9 2010 95.6 93.5 95.1 Q4-10 96.0 93.9 95.5


1998 102.2 101.6 102.7 Q4-07 91.7 89.8 94.0 1999 100.0 100.0 100.0 Q1-08 90.0 88.6 92.8 2000 97.5 96.1 93.8 Q2-08 88.4 87.1 91.9 2001 97.1 95.3 92.9 Q3-08 87.3 86.1 90.7 2002 96.4 94.7 93.6 Q4-08 87.0 87.4 90.7 2003 97.0 96.9 98.0 Q1-09 87.1 89.7 93.0 2004 96.6 96.6 99.1 Q2-09 87.4 89.8 94.2 2005 97.0 95.9 98.4 Q3-09 87.8 89.8 94.8 2006 93.9 92.8 95.1 Q4-09 88.1 90.3 95.5 2007 93.1 91.1 94.8 Q1-10 88.3 90.0 94.0 2008 88.1 87.1 91.2 Q2-10 88.6 89.8 92.4 2009 87.5 89.7 94.0 Q3-10 88.7 89.7 92.0 2010 88.6 89.6 92.3 Q4-10 88.9 89.8 92.5

(index 1999 = 100) (index 1999 = 100)

2 - 38

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)



90

95

100

105

110

115

95 97 99 01 03 05 07 09


Austria - REER (PGDP)

90

95

100

105

95 97 99 01 03 05 07 09


Austria - REER (PX)

90

95

100

105

110

115

95 97 99 01 03 05 07 09


Austria - REER (ULCE)

80

90

100

110

120

95 97 99 01 03 05 07 09


Austria - REER (ULCM)

top

PLEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 109.1 109.0 109.3 102.4 Q4-07 115.3 115.7 119.7 122.2 Jul-08 3.5 3.3 3.4 3.5 1999 100.0 100.0 100.0 100.0 Q1-08 117.9 119.0 123.3 125.9 Aug-08 -1.0 -0.9 -1.4 -1.7 2000 105.5 104.5 103.3 103.0 Q2-08 123.5 125.0 130.0 133.1 Sep-08 -2.4 -2.2 -2.5 -2.5 2001 115.3 114.8 114.0 113.7 Q3-08 127.1 128.4 133.2 136.0 Oct-08 -5.7 -5.5 -5.9 -6.2 2002 109.9 109.2 109.1 109.7 Q4-08 111.6 114.3 117.4 119.7 Nov-08 -4.1 -3.4 -3.8 -4.0 2003 96.2 96.7 98.1 99.8 Q1-09 93.5 97.3 99.8 103.2 Dec-08 -6.7 -5.6 -5.3 -4.1 2004 93.4 93.8 95.9 97.8 Q2-09 94.5 97.8 100.7 104.0 Jan-09 -5.5 -5.0 -5.2 -4.9 2005 105.1 105.3 107.4 109.3 Q3-09 100.2 103.3 106.6 110.5 Feb-09 -8.9 -8.8 -9.1 -8.6 2006 108.4 108.6 111.2 112.7 Q4-09 100.7 104.1 107.5 111.2 Mar-09 0.5 0.8 1.2 1.0 2007 111.4 111.5 115.0 116.8 Q1-10 105.4 108.5 111.2 114.4 Apr-09 4.3 3.8 3.8 3.6 2008 119.9 121.5 125.6 128.1 Q2-10 104.8 107.4 109.2 111.6 May-09 0.5 0.2 0.4 0.3 2009 97.2 100.6 103.4 106.8 Q3-10 104.9 107.2 108.9 111.6 Jun-09 -2.2 -2.4 -2.1 -2.0 2010 105.3 107.9 109.8 112.5 Q4-10 106.0 108.5 110.6 113.9 Jul-09 4.9 4.8 4.7 5.0

Aug-09 4.0 3.8 3.8 4.0 Sep-09 -0.6 -0.4 -0.4 -0.4 Oct-09 -1.3 -1.0 -1.0 -1.2 Nov-09 1.2 1.1 1.2 1.1 Dec-09 0.5 0.6 0.4 0.4 Jan-10 1.8 1.5 1.2 0.9 Feb-10 1.4 1.2 0.8 0.5 Mar-10 3.2 3.2 3.1 2.8 Apr-10 0.3 0.0 -0.1 -0.4 May-10 -4.4 -4.4 -5.0 -5.3 Jun-10 -1.2 -1.4 -1.7 -1.7 Jul-10 0.6 0.6 0.9 1.2


PLEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 103.0 103.2 104.0 101.6 Q4-07 128.3 127.4 129.8 126.1 Jul-08 3.5 3.3 3.3 3.3 1999 100.0 100.0 100.0 100.0 Q1-08 132.0 131.5 134.0 130.0 Aug-08 -1.1 -1.1 -1.5 -1.8 2000 113.7 112.4 110.6 109.7 Q2-08 138.1 137.9 141.0 136.9 Sep-08 -2.2 -2.0 -2.4 -2.4 2001 127.7 126.7 124.8 122.8 Q3-08 142.0 141.4 144.0 139.3 Oct-08 -5.3 -5.1 -5.5 -5.9 2002 121.5 120.3 119.0 117.4 Q4-08 126.0 126.9 128.2 123.6 Nov-08 -3.4 -2.8 -3.1 -3.4 2003 105.2 105.3 105.6 104.7 Q1-09 107.3 109.7 110.6 107.7 Dec-08 -6.6 -5.5 -5.1 -4.0 2004 103.7 103.7 104.6 103.6 Q2-09 109.7 111.5 112.8 109.7 Jan-09 -4.5 -4.2 -4.5 -4.4 2005 116.8 116.5 117.2 115.1 Q3-09 117.1 118.3 120.0 116.8 Feb-09 -8.7 -8.6 -8.8 -8.4 2006 119.6 119.1 120.0 116.9 Q4-09 117.6 119.2 120.8 117.4 Mar-09 1.1 1.4 1.8 1.5 2007 123.6 122.4 124.3 120.7 Q1-10 123.8 124.7 125.5 121.0 Apr-09 4.7 4.2 4.2 4.0 2008 134.3 134.2 136.3 131.8 Q2-10 123.1 123.5 123.3 118.0 May-09 1.1 0.7 0.9 0.8 2009 112.8 114.5 115.6 112.4 Q3-10 123.4 123.2 123.0 117.9 Jun-09 -2.2 -2.4 -2.1 -2.1 2010 123.7 123.9 123.8 118.8 Q4-10 124.8 124.8 124.9 120.2 Jul-09 5.8 5.6 5.5 5.5

Aug-09 3.3 3.1 3.2 3.4 Sep-09 -0.6 -0.3 -0.3 -0.3 Oct-09 -1.3 -1.0 -1.0 -1.2 Nov-09 1.5 1.3 1.3 1.3 Dec-09 0.1 0.2 0.1 0.1 Jan-10 3.0 2.4 2.0 1.5 Feb-10 1.3 1.1 0.8 0.4 Mar-10 2.6 2.7 2.6 2.4 Apr-10 0.5 0.2 0.0 -0.2 May-10 -4.3 -4.3 -4.8 -5.1 Jun-10 -0.9 -1.2 -1.4 -1.5 Jul-10 0.7 0.6 0.9 1.2



Poland - PLN






2 - 39

80

90

100

110

120

130

140

150

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Poland - NEER

80

90

100

110

120

130

140

150

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Poland - REER (HICP/CPI)

PL vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 103.9 104.2 105.0 Q4-07 129.2 126.1 128.0 1999 100.0 100.0 100.0 Q1-08 132.4 129.6 131.5 2000 111.9 110.5 108.6 Q2-08 139.1 136.3 138.8 2001 123.8 122.5 120.7 Q3-08 143.8 140.6 142.6 2002 118.0 116.3 115.2 Q4-08 127.2 126.0 126.6 2003 101.8 101.3 101.7 Q1-09 107.4 108.1 108.6 2004 101.3 100.3 101.3 Q2-09 109.4 109.5 110.4 2005 115.1 113.6 114.1 Q3-09 116.7 116.2 117.5 2006 118.8 116.7 117.3 Q4-09 117.6 117.5 118.7 2007 124.2 121.1 122.6 Q1-10 123.3 122.5 122.8 2008 135.4 132.8 134.3 Q2-10 122.8 121.3 120.5 2009 112.6 112.6 113.3 Q3-10 123.2 121.2 120.3 2010 123.4 121.8 121.0 Q4-10 124.8 122.9 122.3


1998 102.4 102.8 103.5 Q4-07 129.9 128.8 129.2 1999 100.0 100.0 100.0 Q1-08 129.8 129.0 129.3 2000 103.5 102.3 100.7 Q2-08 135.2 134.1 134.8 2001 113.7 112.8 111.0 Q3-08 142.2 140.5 140.7 2002 113.8 112.9 111.7 Q4-08 131.1 130.8 130.1 2003 107.1 107.0 107.2 Q1-09 116.3 117.8 117.2 2004 111.8 111.3 111.8 Q2-09 123.1 123.9 124.0 2005 120.1 119.5 119.3 Q3-09 133.0 133.2 133.8 2006 123.9 123.0 122.5 Q4-09 131.9 132.6 133.3 2007 129.0 127.8 128.0 Q1-10 133.7 134.0 133.7 2008 134.4 133.4 133.3 Q2-10 128.5 128.3 126.9 2009 125.8 126.6 126.6 Q3-10 125.4 125.0 123.4 2010 128.2 128.0 126.7 Q4-10 125.5 125.3 124.0


1998 105.4 105.7 106.6 Q4-07 112.5 108.5 110.6 1999 100.0 100.0 100.0 Q1-08 116.8 113.2 115.4 2000 109.1 107.5 105.9 Q2-08 123.6 119.9 122.8 2001 124.4 122.5 121.0 Q3-08 127.1 123.1 125.7 2002 113.6 111.6 110.9 Q4-08 110.6 108.5 109.8 2003 94.5 93.6 94.3 Q1-09 91.4 91.1 92.2 2004 89.4 88.2 89.6 Q2-09 91.2 90.6 92.0 2005 100.2 98.3 99.4 Q3-09 96.3 95.2 97.0 2006 102.0 99.5 100.6 Q4-09 97.2 96.3 98.1 2007 106.5 102.7 104.4 Q1-10 102.5 101.1 102.3 2008 119.3 115.8 117.8 Q2-10 102.9 101.0 101.3 2009 93.9 93.1 94.4 Q3-10 103.7 101.5 101.7 2010 103.4 101.5 101.8 Q4-10 105.0 103.0 103.4


1998 107.8 107.6 108.4 Q4-07 89.8 87.7 89.7 1999 100.0 100.0 100.0 Q1-08 93.1 91.6 93.7 2000 107.0 105.7 103.8 Q2-08 97.1 95.9 98.6 2001 112.7 111.2 109.2 Q3-08 96.4 95.4 97.9 2002 98.0 96.8 95.8 Q4-08 79.6 80.0 81.6 2003 78.8 78.6 79.1 Q1-09 62.1 63.7 65.0 2004 73.9 73.6 74.8 Q2-09 59.1 60.5 62.1 2005 84.3 83.3 84.5 Q3-09 60.8 62.0 63.9 2006 81.7 80.5 81.4 Q4-09 61.0 62.5 64.4 2007 84.4 82.2 83.7 Q1-10 65.1 66.2 67.8 2008 91.2 90.4 92.3 Q2-10 66.3 67.2 68.1 2009 60.7 62.0 63.6 Q3-10 67.6 68.2 69.0 2010 66.9 67.6 68.6 Q4-10 68.7 69.4 70.4


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 40

(index 1999 = 100) (index 1999 = 100)


80

90

100

110

120

130

140

150

95 97 99 01 03 05 07 09


Poland - REER (PGDP)

80

90

100

110

120

130

140

150

95 97 99 01 03 05 07 09


Poland - REER (PX)

70

80

90

100

110

120

130

140

95 97 99 01 03 05 07 09


Poland - REER (ULCE)

50

60

70

80

90

100

110

120

130

95 97 99 01 03 05 07 09


Poland - REER (ULCM)

top

PT vs the rest ofEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 100.0 100.2 100.9 100.0 Q4-07 100.0 100.8 105.5 106.3 Jul-08 0.0 -0.1 0.1 0.1 1999 100.0 100.0 100.0 100.0 Q1-08 100.0 101.4 106.3 107.2 Aug-08 0.0 0.0 -0.6 -0.9 2000 100.0 98.7 97.3 97.1 Q2-08 99.9 101.7 107.2 108.2 Sep-08 0.0 0.2 -0.4 -0.4 2001 100.0 99.2 98.0 98.0 Q3-08 99.9 101.6 106.6 107.4 Oct-08 0.0 0.1 -0.8 -0.8 2002 100.1 99.4 98.9 99.3 Q4-08 99.9 102.6 105.7 106.4 Nov-08 0.0 0.7 -0.1 -0.2 2003 100.1 100.9 102.4 103.3 Q1-09 99.9 104.0 106.7 107.8 Dec-08 0.0 1.0 1.5 1.5 2004 100.0 100.7 103.3 104.5 Q2-09 99.9 103.5 106.9 108.0 Jan-09 0.0 0.3 0.0 0.5 2005 100.0 100.6 103.1 104.0 Q3-09 99.9 103.2 107.1 108.4 Feb-09 0.0 -0.1 -0.4 -0.4 2006 100.0 100.5 103.4 103.9 Q4-09 99.9 103.6 107.6 108.9 Mar-09 0.0 0.4 0.8 0.8 2007 100.0 100.4 104.6 105.2 Q1-10 99.9 103.2 106.2 107.1 Apr-09 0.0 -0.4 -0.3 -0.4 2008 99.9 101.8 106.2 107.0 Q2-10 99.9 102.8 104.5 105.0 May-09 0.0 -0.2 0.1 0.1 2009 99.9 103.5 106.9 108.0 Q3-10 99.9 102.5 104.2 104.8 Jun-09 0.0 -0.2 0.2 0.3 2010 99.9 102.8 104.8 105.4 Q4-10 99.9 102.8 104.9 105.7 Jul-09 0.0 -0.1 -0.1 0.0



PTEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.1 99.4 100.4 99.8 Q4-07 105.7 106.8 110.6 110.3 Jul-08 -0.4 -0.5 -0.3 -0.4 1999 100.0 100.0 100.0 100.0 Q1-08 105.6 107.3 111.2 110.9 Aug-08 -0.3 -0.4 -1.0 -1.2 2000 100.5 99.4 97.6 97.3 Q2-08 105.6 107.7 112.1 112.0 Sep-08 0.4 0.5 0.0 0.1 2001 102.4 101.8 100.0 99.8 Q3-08 105.1 107.0 110.9 110.4 Oct-08 -0.2 -0.1 -1.0 -1.0 2002 103.8 103.4 102.3 102.4 Q4-08 104.9 107.7 109.7 109.1 Nov-08 -0.2 0.4 -0.2 -0.4 2003 105.0 106.2 107.0 107.6 Q1-09 104.4 108.6 110.2 109.9 Dec-08 -0.3 0.8 1.3 1.3 2004 105.3 106.3 108.2 108.9 Q2-09 104.3 108.0 110.3 110.0 Jan-09 0.0 0.2 -0.2 0.2 2005 105.1 106.1 107.7 108.0 Q3-09 104.1 107.3 110.1 109.8 Feb-09 -0.5 -0.6 -0.9 -0.8 2006 105.8 106.7 108.6 108.4 Q4-09 103.6 107.1 110.1 109.7 Mar-09 0.5 0.9 1.4 1.3 2007 106.0 106.7 109.9 109.5 Q1-10 103.5 106.5 108.3 107.6 Apr-09 -0.1 -0.4 -0.4 -0.5 2008 105.2 107.3 110.7 110.1 Q2-10 103.7 106.3 106.9 105.7 May-09 -0.2 -0.5 -0.2 -0.2 2009 104.0 107.6 109.9 109.4 Q3-10 104.4 106.7 107.3 106.1 Jun-09 -0.1 -0.3 0.1 0.2 2010 103.8 106.3 107.2 106.0 Q4-10 104.0 106.4 107.5 106.5 Jul-09 0.3 0.2 0.1 0.0

Aug-09 -0.6 -0.8 -0.6 -0.5 Sep-09 0.0 0.3 0.4 0.4 Oct-09 -0.3 0.0 0.1 0.0 Nov-09 0.0 -0.2 -0.1 -0.1 Dec-09 -0.1 -0.1 -0.3 -0.4 Jan-10 0.1 -0.3 -0.8 -0.9 Feb-10 -0.3 -0.5 -1.0 -1.2 Mar-10 0.1 0.4 0.2 0.1 Apr-10 0.1 -0.3 -0.4 -0.5 May-10 0.1 0.0 -0.9 -1.1 Jun-10 0.2 -0.1 -0.5 -0.6 Jul-10 0.9 0.9 1.4 1.5

Aug-10 -0.4 -0.6 -0.5 -0.5 Sep-10 -0.4 -0.3 -0.3 -0.2 Oct-10 0.1 0.5 1.1 1.3 Nov-10 -0.1 -0.3 -0.5 -0.6 Dec-10 -0.2 -0.4 -0.7 -0.9

2 - 41


monthly % change




Portugal - euro (before 1999: PTE)



90

95

100

105

110

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Portugal - NEER

90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Portugal - REER (HICP/CPI)

PT vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 97.8 98.3 99.2 Q4-07 106.3 105.8 109.7 1999 100.0 100.0 100.0 Q1-08 106.3 106.4 110.4 2000 101.7 100.3 98.5 Q2-08 106.2 106.6 111.1 2001 102.7 101.7 100.0 Q3-08 106.1 106.3 110.3 2002 103.8 102.8 102.0 Q4-08 105.9 107.1 109.1 2003 104.5 104.9 106.1 Q1-09 105.6 108.3 109.9 2004 105.0 104.9 107.0 Q2-09 105.4 107.7 110.0 2005 105.2 105.1 106.9 Q3-09 105.4 107.2 110.0 2006 105.8 105.3 107.3 Q4-09 105.5 107.6 110.5 2007 106.1 105.4 108.6 Q1-10 105.6 107.3 109.0 2008 106.0 106.4 109.8 Q2-10 105.8 106.9 107.3 2009 105.3 107.5 109.7 Q3-10 105.9 106.6 107.0 2010 105.7 106.7 107.4 Q4-10 105.9 106.9 107.8


1998 99.0 99.4 100.2 Q4-07 102.5 102.9 105.4 1999 100.0 100.0 100.0 Q1-08 102.7 103.5 106.0 2000 101.2 100.1 98.5 Q2-08 102.7 103.5 106.6 2001 101.0 100.5 98.8 Q3-08 102.4 102.8 105.5 2002 101.3 100.8 100.0 Q4-08 101.8 103.0 103.9 2003 101.0 101.5 102.4 Q1-09 101.1 103.4 104.3 2004 101.6 101.9 103.3 Q2-09 100.6 102.3 104.0 2005 100.6 101.1 102.1 Q3-09 100.3 101.6 104.0 2006 102.1 102.5 103.5 Q4-09 100.4 102.1 104.6 2007 102.2 102.5 104.6 Q1-10 100.7 102.1 103.6 2008 102.2 103.1 105.2 Q2-10 101.1 102.2 102.5 2009 100.5 102.2 103.9 Q3-10 101.6 102.5 102.6 2010 101.2 102.3 102.8 Q4-10 102.0 103.2 103.8


1998 98.8 99.2 100.2 Q4-07 108.4 107.0 111.2 1999 100.0 100.0 100.0 Q1-08 108.2 107.5 111.9 2000 103.1 101.3 99.6 Q2-08 108.0 107.7 112.7 2001 104.5 102.9 101.3 Q3-08 107.9 107.5 112.0 2002 105.5 104.0 103.3 Q4-08 107.8 108.4 111.1 2003 107.4 107.3 108.7 Q1-09 107.8 109.8 112.3 2004 107.4 107.0 109.5 Q2-09 107.9 109.4 112.7 2005 109.7 109.0 111.3 Q3-09 108.0 109.2 113.1 2006 109.2 108.1 110.5 Q4-09 108.2 109.7 113.8 2007 108.5 106.9 110.5 Q1-10 108.4 109.4 112.4 2008 107.9 107.6 111.6 Q2-10 108.5 109.0 110.6 2009 107.9 109.4 112.6 Q3-10 108.3 108.5 110.0 2010 108.2 108.6 110.5 Q4-10 108.0 108.4 110.4


1998 96.8 97.0 97.8 Q4-07 106.4 106.4 111.6 1999 100.0 100.0 100.0 Q1-08 105.8 106.6 112.0 2000 102.3 100.7 98.8 Q2-08 104.9 106.2 112.3 2001 102.1 100.8 98.7 Q3-08 103.8 105.2 111.0 2002 103.5 102.4 101.5 Q4-08 102.5 105.0 109.1 2003 102.8 103.4 104.8 Q1-09 101.2 105.1 109.3 2004 104.3 104.9 107.9 Q2-09 100.3 103.8 108.9 2005 107.1 107.2 110.3 Q3-09 99.8 103.0 108.9 2006 108.8 108.8 111.9 Q4-09 99.9 103.4 109.5 2007 107.2 106.7 111.3 Q1-10 100.3 103.4 108.3 2008 104.1 105.5 110.6 Q2-10 100.7 103.2 106.8 2009 100.1 103.6 108.7 Q3-10 100.8 103.0 106.4 2010 100.4 102.9 106.6 Q4-10 100.5 103.0 106.8

(index 1999 = 100) (index 1999 = 100)

2 - 42

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)



90

95

100

105

110

115

95 97 99 01 03 05 07 09


Portugal - REER (PGDP)

90

95

100

105

110

95 97 99 01 03 05 07 09


Portugal - REER (PX)

85

90

95

100

105

110

115

120

95 97 99 01 03 05 07 09


Portugal - REER (ULCE)

90

95

100

105

110

115

120

95 97 99 01 03 05 07 09


Portugal - REER (ULCM)

top

ROEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 164 164 163 159 Q4-07 47.0 47.1 52.1 52.8 Jul-08 2.2 2.0 2.1 2.1 1999 100 100 100 100 Q1-08 44.0 44.3 49.1 49.8 Aug-08 1.4 1.5 0.5 0.3 2000 82 81 81 81 Q2-08 44.4 44.7 50.1 50.9 Sep-08 -2.7 -2.4 -2.8 -2.8 2001 63 62 64 64 Q3-08 45.4 45.6 50.6 51.3 Oct-08 -3.2 -2.9 -2.9 -3.1 2002 52.2 51.8 54.5 54.6 Q4-08 42.5 43.3 47.7 48.3 Nov-08 -1.0 -0.4 -0.7 -0.9 2003 43.4 43.6 47.0 47.4 Q1-09 38.0 39.4 43.4 44.3 Dec-08 -3.5 -2.5 -2.1 -1.3 2004 40.2 40.3 43.9 44.5 Q2-09 38.7 39.9 44.2 45.1 Jan-09 -7.5 -7.0 -7.1 -6.9 2005 44.9 45.0 48.8 49.3 Q3-09 38.4 39.4 43.8 44.8 Feb-09 -1.2 -0.8 -1.1 -0.8 2006 46.1 46.2 50.6 50.9 Q4-09 38.0 39.1 43.6 44.5 Mar-09 0.1 0.3 1.0 0.9 2007 48.7 48.7 53.7 54.2 Q1-10 39.4 40.4 44.6 45.3 Apr-09 1.9 1.4 1.2 1.1 2008 44.1 44.4 49.2 49.8 Q2-10 38.8 39.6 43.2 43.7 May-09 0.8 0.5 0.8 0.8 2009 38.3 39.4 43.6 44.4 Q3-10 38.1 38.9 42.3 42.9 Jun-09 -1.0 -1.2 -0.7 -0.7 2010 38.5 39.3 42.9 43.5 Q4-10 37.8 38.6 42.2 43.0 Jul-09 -0.1 -0.4 -0.5 -0.3

Aug-09 0.0 -0.3 -0.2 -0.1 Sep-09 -0.6 -0.3 -0.2 -0.1 Oct-09 -1.0 -0.8 -0.8 -0.9 Nov-09 -0.1 -0.2 0.0 0.0 Dec-09 1.5 1.5 1.2 1.2 Jan-10 2.2 1.9 1.4 1.2 Feb-10 0.4 0.3 -0.2 -0.4 Mar-10 0.8 0.8 0.7 0.5 Apr-10 -1.1 -1.3 -1.6 -1.8 May-10 -1.1 -1.0 -1.8 -2.0 Jun-10 -1.6 -1.7 -2.1 -2.1 Jul-10 -0.4 -0.4 0.0 0.3

Aug-10 0.5 0.2 0.2 0.3 Sep-10 -0.6 -0.6 -0.5 -0.4 Oct-10 -0.3 -0.1 0.5 0.9 Nov-10 -0.4 -0.5 -0.6 -0.7 Dec-10 0.0 0.0 -0.2 -0.5

ROEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 114.0 114.3 115.7 114.6 Q4-07 153.2 152.3 154.4 152.8 Jul-08 3.0 2.7 2.7 2.7 1999 100.0 100.0 100.0 100.0 Q1-08 145.8 145.2 147.5 145.7 Aug-08 1.4 1.5 0.6 0.3 2000 116.5 115.2 112.4 111.8 Q2-08 147.3 146.7 150.1 148.4 Sep-08 -2.5 -2.3 -2.7 -2.6 2001 117.1 116.0 114.4 113.2 Q3-08 151.5 150.4 152.7 150.5 Oct-08 -2.2 -1.8 -2.0 -2.3 2002 116.8 115.7 114.5 113.6 Q4-08 144.7 145.5 146.4 143.9 Nov-08 -0.2 0.4 0.1 -0.2 2003 109.6 109.9 110.6 110.4 Q1-09 133.0 135.8 136.7 135.2 Dec-08 -3.2 -2.2 -1.7 -0.9 2004 111.2 111.3 112.7 112.6 Q2-09 135.4 137.6 139.1 137.4 Jan-09 -5.6 -5.2 -5.5 -5.4 2005 132.9 132.6 133.3 132.5 Q3-09 135.0 136.2 138.0 136.6 Feb-09 -0.9 -0.5 -0.7 -0.5 2006 142.5 142.0 143.1 141.4 Q4-09 134.6 136.2 138.0 136.4 Mar-09 0.2 0.5 1.0 0.9 2007 154.6 153.3 155.1 153.1 Q1-10 142.8 143.6 143.8 141.3 Apr-09 1.8 1.3 1.1 1.0 2008 146.2 145.6 147.4 145.2 Q2-10 139.7 140.1 138.7 135.5 May-09 0.8 0.4 0.6 0.6 2009 133.5 135.2 136.3 134.6 Q3-10 141.8 141.8 140.3 137.2 Jun-09 -1.0 -1.1 -0.8 -0.7 2010 140.5 140.6 139.3 136.2 Q4-10 141.7 141.9 140.8 138.0 Jul-09 0.5 0.1 -0.1 -0.1

Aug-09 -0.5 -0.7 -0.6 -0.4 Sep-09 -0.2 0.0 0.1 0.2 Oct-09 -0.8 -0.5 -0.7 -0.8 Nov-09 0.6 0.4 0.5 0.4 Dec-09 1.4 1.5 1.3 1.2 Jan-10 4.7 4.2 3.4 3.1 Feb-10 0.2 0.1 -0.4 -0.7 Mar-10 0.1 0.1 0.1 -0.1 Apr-10 -1.1 -1.4 -1.7 -1.9 May-10 -1.1 -1.0 -1.7 -2.0 Jun-10 -1.4 -1.6 -1.9 -2.0 Jul-10 2.6 2.5 3.0 3.2

Aug-10 0.5 0.3 0.3 0.3 Sep-10 -0.3 -0.2 -0.3 -0.1 Oct-10 0.0 0.2 0.6 1.0 Nov-10 0.1 -0.1 -0.2 -0.3 Dec-10 -0.1 -0.1 -0.2 -0.5

2 - 43


monthly % change




Romania - RON



20

40

60

80

100

120

140

160

180

200

220

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Romania - NEER

60

80

100

120

140

160

180

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Romania - REER (HICP/CPI)

RO vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 111.1 111.4 112.5 Q4-07 205.5 202.2 206.3 1999 100.0 100.0 100.0 Q1-08 199.7 197.1 201.2 2000 115.5 114.2 111.5 Q2-08 207.6 204.7 210.5 2001 119.0 117.7 116.5 Q3-08 215.2 211.7 215.8 2002 118.6 117.1 116.7 Q4-08 202.2 201.4 203.8 2003 119.0 118.8 120.5 Q1-09 180.0 182.3 184.5 2004 124.9 124.2 126.7 Q2-09 182.5 184.0 187.0 2005 154.0 152.6 154.4 Q3-09 182.1 182.4 185.9 2006 172.0 169.9 172.2 Q4-09 182.8 183.4 187.0 2007 201.4 198.0 201.8 Q1-10 193.3 192.9 194.4 2008 206.1 203.3 206.7 Q2-10 193.8 192.7 191.4 2009 181.8 182.7 185.2 Q3-10 193.4 191.9 190.2 2010 193.5 192.1 190.9 Q4-10 193.8 192.3 191.3


1998 102.0 102.3 103.1 Q4-07 132.6 132.3 133.6 1999 100.0 100.0 100.0 Q1-08 130.2 130.3 131.4 2000 110.5 109.4 107.5 Q2-08 137.8 137.6 139.6 2001 109.7 109.0 106.9 Q3-08 145.8 144.9 145.7 2002 107.5 106.9 105.9 Q4-08 139.6 140.2 140.1 2003 105.3 105.5 106.4 Q1-09 126.1 128.5 128.7 2004 109.1 109.1 110.3 Q2-09 128.9 130.5 131.5 2005 119.4 119.4 120.1 Q3-09 128.4 129.2 130.8 2006 125.7 125.4 126.0 Q4-09 127.7 129.0 130.5 2007 132.3 131.8 133.2 Q1-10 133.2 134.2 134.1 2008 138.3 138.0 138.7 Q2-10 131.8 132.6 130.6 2009 127.8 129.1 130.0 Q3-10 130.4 131.1 128.8 2010 131.5 132.1 130.3 Q4-10 130.2 131.1 129.3


1998 115.1 115.3 117.4 Q4-07 194.6 190.2 196.7 1999 100.0 100.0 100.0 Q1-08 190.3 186.6 193.3 2000 133.1 131.3 129.1 Q2-08 200.2 196.2 205.0 2001 144.7 142.4 141.9 Q3-08 212.1 207.4 215.0 2002 116.7 114.8 115.6 Q4-08 205.5 203.7 209.6 2003 115.2 114.6 117.7 Q1-09 188.9 190.6 196.1 2004 108.9 108.1 111.8 Q2-09 196.5 197.5 204.1 2005 146.4 144.7 148.6 Q3-09 198.4 198.3 205.6 2006 156.6 154.2 158.7 Q4-09 198.6 198.9 206.6 2007 187.9 183.6 189.5 Q1-10 207.5 206.8 212.6 2008 202.0 198.1 204.6 Q2-10 205.0 203.6 206.6 2009 195.7 196.0 202.1 Q3-10 202.2 200.3 203.1 2010 204.1 202.3 205.4 Q4-10 201.3 199.6 203.1


1998 143.8 143.8 146.0 Q4-07 253.2 252.5 260.2 1999 100.0 100.0 100.0 Q1-08 250.8 251.3 259.6 2000 127.4 125.8 122.4 Q2-08 265.4 266.4 277.9 2001 149.3 147.6 145.6 Q3-08 279.8 281.2 291.4 2002 137.1 136.0 135.4 Q4-08 267.0 272.9 281.6 2003 130.5 131.4 134.0 Q1-09 240.6 251.3 260.0 2004 134.8 135.7 140.0 Q2-09 245.8 256.5 267.1 2005 182.2 182.3 186.8 Q3-09 245.5 255.1 267.0 2006 196.4 196.6 201.3 Q4-09 245.4 255.6 267.9 2007 240.7 239.6 246.0 Q1-10 257.4 266.6 276.5 2008 266.0 267.6 275.9 Q2-10 255.8 263.8 269.9 2009 244.7 254.5 264.1 Q3-10 253.5 260.6 266.2 2010 255.3 262.6 268.4 Q4-10 252.7 259.9 266.4

(index 1999 = 100) (index 1999 = 100)

2 - 44

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)



60

80

100

120

140

160

180

200

220

95 97 99 01 03 05 07 09


Romania - REER (PGDP)

80

90

100

110

120

130

140

150

95 97 99 01 03 05 07 09


Romania - REER (PX)

60

100

140

180

220

95 97 99 01 03 05 07 09


Romania - REER (ULCE)

60

100

140

180

220

260

300

95 97 99 01 03 05 07 09


Romania - REER (ULCM)

top

SIEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 105.1 104.6 104.5 98.0 Q4-07 80.8 81.0 84.3 86.8 Jul-08 0.0 -0.4 -0.3 -0.2 1999 100.0 100.0 100.0 100.0 Q1-08 80.8 81.3 84.7 87.4 Aug-08 0.0 0.1 -0.4 -0.7 2000 94.1 93.5 92.8 92.6 Q2-08 80.7 81.1 84.9 87.8 Sep-08 0.0 0.3 0.0 -0.1 2001 89.2 88.8 88.8 88.6 Q3-08 80.7 80.8 84.2 86.9 Oct-08 0.0 0.6 0.1 -0.4 2002 86.0 85.7 86.4 87.1 Q4-08 80.7 82.1 84.7 86.8 Nov-08 0.0 0.7 0.3 0.0 2003 83.1 83.9 85.8 87.9 Q1-09 80.7 83.8 86.4 90.6 Dec-08 0.0 1.1 1.3 1.8 2004 81.3 82.1 84.7 87.1 Q2-09 80.7 83.5 86.4 90.5 Jan-09 0.0 0.8 0.6 2.3 2005 81.0 81.4 83.7 85.9 Q3-09 80.7 82.9 86.1 90.6 Feb-09 0.0 0.6 0.4 1.1 2006 81.0 81.2 83.9 85.6 Q4-09 80.7 83.1 86.3 90.7 Mar-09 0.0 0.2 0.5 0.3 2007 80.9 80.9 84.1 86.1 Q1-10 80.7 82.7 85.3 88.9 Apr-09 0.0 -0.5 -0.6 -0.7 2008 80.7 81.2 84.6 87.0 Q2-10 80.7 82.5 84.5 87.2 May-09 0.0 -0.3 -0.1 -0.2 2009 80.7 83.3 86.3 90.4 Q3-10 80.7 82.4 84.3 87.3 Jun-09 0.0 0.0 0.3 0.3 2010 80.7 82.4 84.6 87.7 Q4-10 80.7 82.4 84.5 88.2 Jul-09 0.0 -0.3 -0.4 -0.1

Aug-09 0.0 -0.3 -0.3 0.0 Sep-09 0.0 0.2 0.3 0.2 Oct-09 0.0 0.3 0.3 0.0 Nov-09 0.0 -0.1 0.0 -0.1 Dec-09 0.0 0.0 -0.2 -0.1 Jan-10 0.0 -0.3 -0.6 -1.0 Feb-10 0.0 -0.2 -0.5 -0.9 Mar-10 0.0 -0.2 -0.3 -0.6 Apr-10 0.0 -0.2 -0.3 -0.6 May-10 0.0 0.3 -0.3 -0.7 Jun-10 0.0 -0.1 -0.3 -0.4 Jul-10 0.0 0.0 0.3 0.7


SIEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 100.1 100.1 100.9 98.7 Q4-07 105.4 103.9 105.3 101.1 Jul-08 0.0 -0.4 -0.4 -0.4 1999 100.0 100.0 100.0 100.0 Q1-08 105.7 104.4 105.8 101.3 Aug-08 -0.6 -0.5 -1.0 -1.3 2000 100.4 99.4 97.8 96.7 Q2-08 106.9 105.4 107.2 102.7 Sep-08 -0.2 0.1 -0.2 -0.3 2001 100.9 99.8 98.3 96.1 Q3-08 106.9 105.0 106.4 101.4 Oct-08 0.0 0.5 0.1 -0.5 2002 102.5 101.3 100.1 98.0 Q4-08 106.1 105.8 106.1 100.2 Nov-08 -0.4 0.2 -0.2 -0.6 2003 102.7 102.9 102.9 101.4 Q1-09 106.2 107.9 108.0 103.9 Dec-08 -0.7 0.4 0.7 1.2 2004 102.0 102.0 102.8 100.9 Q2-09 107.0 108.1 108.7 104.3 Jan-09 0.5 1.0 0.7 2.1 2005 102.1 101.5 101.8 99.0 Q3-09 107.1 107.3 108.1 104.0 Feb-09 0.0 0.6 0.5 1.1 2006 102.6 101.6 102.2 98.3 Q4-09 107.1 107.6 108.5 104.1 Mar-09 0.5 0.6 1.0 0.7 2007 104.1 102.6 103.9 99.5 Q1-10 106.9 106.6 106.7 101.3 Apr-09 -0.1 -0.6 -0.6 -0.9 2008 106.3 104.9 106.2 101.0 Q2-10 108.2 107.7 106.9 100.5 May-09 0.6 0.2 0.4 0.3 2009 106.8 107.5 108.2 103.6 Q3-10 107.9 107.1 106.3 100.1 Jun-09 0.4 0.3 0.6 0.6 2010 107.5 106.7 106.3 100.1 Q4-10 107.2 106.4 105.9 100.2 Jul-09 -0.2 -0.7 -0.8 -0.7

Aug-09 -0.3 -0.6 -0.4 -0.1 Sep-09 -0.1 0.1 0.1 0.1 Oct-09 0.0 0.2 0.2 -0.1 Nov-09 0.7 0.6 0.6 0.5 Dec-09 -0.8 -0.8 -0.9 -0.8 Jan-10 0.2 -0.4 -0.8 -1.4 Feb-10 -0.1 -0.2 -0.6 -1.1 Mar-10 0.1 0.1 0.0 -0.3 Apr-10 0.8 0.6 0.4 0.1 May-10 0.3 0.6 0.0 -0.5 Jun-10 0.2 0.1 -0.1 -0.2 Jul-10 -0.2 -0.4 -0.1 0.2

Aug-10 -0.1 -0.3 -0.3 -0.2 Sep-10 -0.6 -0.6 -0.7 -0.4 Oct-10 -0.1 0.0 0.4 1.0 Nov-10 0.2 0.1 0.0 -0.1 Dec-10 -0.5 -0.5 -0.7 -1.2


2 - 45





Slovenia - euro (before 2007: SIT)



80

90

100

110

120

130

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Slovenia - NEER

90

95

100

105

110

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Slovenia - REER (HICP/CPI)

SI vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 99.5 99.6 100.2 Q4-07 102.5 99.9 101.4 1999 100.0 100.0 100.0 Q1-08 103.0 100.6 102.0 2000 98.1 97.1 95.5 Q2-08 103.4 100.7 102.5 2001 98.8 97.6 96.2 Q3-08 104.0 100.9 102.2 2002 100.4 99.0 98.2 Q4-08 104.8 103.2 103.5 2003 100.4 100.2 100.7 Q1-09 105.5 106.0 106.3 2004 99.8 99.3 100.3 Q2-09 106.0 106.0 106.7 2005 99.5 98.3 98.8 Q3-09 106.3 105.5 106.4 2006 99.9 98.2 98.9 Q4-09 106.3 105.6 106.5 2007 101.7 99.2 100.5 Q1-10 106.0 104.7 104.9 2008 103.7 101.1 102.3 Q2-10 105.8 104.1 103.4 2009 106.0 105.5 106.2 Q3-10 105.5 103.6 102.8 2010 105.6 103.7 103.2 Q4-10 105.4 103.5 102.9


1998 102.4 102.5 103.0 Q4-07 103.7 102.4 103.0 1999 100.0 100.0 100.0 Q1-08 102.9 101.9 102.4 2000 100.2 99.4 98.1 Q2-08 102.4 100.9 101.9 2001 101.8 101.0 99.5 Q3-08 102.5 100.4 101.0 2002 102.7 101.9 100.9 Q4-08 103.4 102.4 102.1 2003 103.3 103.1 103.3 Q1-09 104.4 105.3 105.0 2004 103.1 102.7 103.2 Q2-09 105.3 105.4 105.7 2005 103.6 102.8 102.9 Q3-09 105.7 105.0 105.6 2006 103.8 102.6 102.7 Q4-09 105.5 105.1 105.8 2007 104.3 102.9 103.6 Q1-10 104.9 104.3 104.2 2008 102.8 101.3 101.8 Q2-10 104.3 103.7 102.7 2009 105.2 105.1 105.4 Q3-10 103.9 103.3 102.1 2010 104.1 103.5 102.8 Q4-10 103.7 103.2 102.4


1998 101.4 101.4 102.3 Q4-07 103.5 100.5 102.5 1999 100.0 100.0 100.0 Q1-08 104.0 101.2 103.3 2000 99.7 98.4 97.1 Q2-08 104.7 101.6 104.0 2001 101.1 99.4 98.3 Q3-08 105.6 102.1 104.2 2002 101.6 100.0 99.5 Q4-08 106.9 105.0 106.1 2003 100.6 100.2 101.1 Q1-09 108.1 108.5 109.6 2004 101.4 101.0 102.6 Q2-09 109.1 109.0 110.7 2005 101.1 99.8 101.0 Q3-09 109.8 109.0 110.9 2006 101.5 99.8 101.1 Q4-09 110.0 109.3 111.4 2007 102.8 100.0 101.9 Q1-10 109.9 108.6 109.9 2008 105.3 102.2 104.2 Q2-10 109.7 108.1 108.5 2009 109.2 108.7 110.4 Q3-10 109.5 107.7 107.9 2010 109.6 107.7 108.3 Q4-10 109.4 107.6 108.1


1998 100.8 100.4 101.1 Q4-07 94.4 93.0 95.1 1999 100.0 100.0 100.0 Q1-08 94.0 93.0 95.1 2000 98.4 97.3 95.6 Q2-08 93.5 92.4 95.0 2001 98.6 97.2 95.6 Q3-08 93.0 91.9 94.3 2002 95.5 94.5 93.6 Q4-08 92.6 93.4 95.1 2003 92.4 92.8 93.4 Q1-09 92.3 95.5 97.4 2004 94.1 94.7 96.4 Q2-09 92.1 95.3 97.8 2005 95.5 95.0 96.4 Q3-09 92.1 94.8 97.7 2006 94.2 93.8 95.2 Q4-09 92.2 95.1 98.0 2007 94.5 93.1 95.1 Q1-10 92.3 94.6 96.8 2008 93.2 92.4 94.6 Q2-10 92.5 94.4 95.8 2009 92.1 94.9 97.5 Q3-10 92.6 94.2 95.4 2010 92.5 94.1 95.7 Q4-10 92.6 94.1 95.6

(index 1999 = 100)

(index 1999 = 100)

(index 1999 = 100)


(index 1999 = 100)

2 - 46

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100)


(index 1999 = 100)


90

95

100

105

110

95 97 99 01 03 05 07 09


Slovenia - REER (PGDP)

95

100

105

110

95 97 99 01 03 05 07 09


Slovenia - REER (PX)

90

95

100

105

110

115

95 97 99 01 03 05 07 09


Slovenia - REER (ULCE)

90

95

100

105

110

115

120

95 97 99 01 03 05 07 09


Slovenia - REER (ULCM)

top

SKEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 112.5 111.1 111.2 107.8 Q4-07 132.2 129.7 133.6 135.5 Jul-08 0.0 -0.5 -0.4 -0.3 1999 100.0 100.0 100.0 100.0 Q1-08 133.7 131.6 135.7 137.7 Aug-08 0.0 0.2 -0.3 -0.5 2000 103.6 102.7 102.0 101.7 Q2-08 140.8 138.2 143.1 145.5 Sep-08 0.2 0.6 0.2 0.2 2001 102.0 100.6 100.3 100.1 Q3-08 145.8 142.4 147.0 149.2 Oct-08 -0.6 0.1 -0.4 -0.6 2002 103.5 101.6 101.8 102.1 Q4-08 145.6 145.2 148.3 149.8 Nov-08 0.2 1.1 0.7 0.5 2003 106.5 106.5 107.7 108.8 Q1-09 146.7 150.5 153.4 156.3 Dec-08 0.6 2.0 2.3 2.3 2004 110.4 110.5 112.6 114.0 Q2-09 146.7 149.5 153.0 155.9 Jan-09 0.2 1.3 1.0 1.9 2005 114.5 113.2 115.3 116.6 Q3-09 146.7 148.2 152.1 155.5 Feb-09 0.0 0.9 0.6 0.8 2006 118.8 117.0 119.6 120.6 Q4-09 146.7 148.6 152.6 155.9 Mar-09 0.0 0.1 0.4 0.3 2007 130.9 128.3 132.1 133.5 Q1-10 146.7 147.7 150.8 153.4 Apr-09 0.0 -0.7 -0.7 -0.8 2008 141.4 139.1 143.5 145.4 Q2-10 146.7 147.3 149.2 151.0 May-09 0.0 -0.4 -0.2 -0.1 2009 146.7 149.1 152.9 155.9 Q3-10 146.7 146.9 148.8 150.9 Jun-09 0.0 -0.1 0.2 0.3 2010 146.7 147.1 149.7 151.8 Q4-10 146.7 146.9 149.2 151.8 Jul-09 0.0 -0.5 -0.5 -0.4

Aug-09 0.0 -0.4 -0.4 -0.2 Sep-09 0.0 0.2 0.3 0.3 Oct-09 0.0 0.4 0.4 0.3 Nov-09 0.0 -0.2 -0.1 -0.1 Dec-09 0.0 0.1 -0.1 -0.1 Jan-10 0.0 -0.4 -0.6 -0.8 Feb-10 0.0 -0.2 -0.6 -0.8 Mar-10 0.0 -0.2 -0.3 -0.5 Apr-10 0.0 -0.3 -0.4 -0.5 May-10 0.0 0.4 -0.2 -0.5 Jun-10 0.0 -0.1 -0.3 -0.4 Jul-10 0.0 -0.1 0.2 0.5


SKEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 102.9 102.6 103.0 102.0 Q4-07 177.5 169.8 172.9 170.8 Jul-08 0.0 -0.6 -0.5 -0.5 1999 100.0 100.0 100.0 100.0 Q1-08 181.5 173.6 176.9 174.5 Aug-08 0.0 0.2 -0.2 -0.5 2000 113.9 111.8 110.7 110.1 Q2-08 190.2 181.5 185.6 183.2 Sep-08 0.4 0.8 0.4 0.4 2001 117.2 113.9 113.0 111.9 Q3-08 196.9 186.9 190.5 187.5 Oct-08 -0.2 0.4 0.0 -0.3 2002 120.6 116.6 115.9 115.0 Q4-08 198.7 192.2 194.0 189.9 Nov-08 0.9 1.7 1.3 1.1 2003 132.1 130.1 130.5 130.0 Q1-09 201.5 200.0 201.4 198.5 Dec-08 0.6 2.0 2.4 2.4 2004 144.4 141.9 143.3 142.8 Q2-09 199.6 196.5 198.7 195.7 Jan-09 1.3 2.0 1.8 2.5 2005 150.9 146.4 147.6 146.4 Q3-09 199.7 194.5 197.1 194.6 Feb-09 -0.6 0.3 0.1 0.2 2006 160.0 154.5 156.1 154.0 Q4-09 199.4 194.9 197.6 194.9 Mar-09 -0.5 -0.5 -0.2 -0.3 2007 175.9 168.4 171.3 169.0 Q1-10 199.5 193.3 194.7 191.0 Apr-09 -0.4 -1.1 -1.1 -1.2 2008 191.6 183.1 186.6 183.5 Q2-10 198.4 191.6 191.7 187.1 May-09 0.1 -0.4 -0.3 -0.2 2009 199.9 196.2 198.7 195.8 Q3-10 198.7 191.2 191.2 186.8 Jun-09 -0.2 -0.2 0.0 0.0 2010 198.5 191.4 192.1 187.8 Q4-10 197.8 190.4 190.9 186.9 Jul-09 0.5 -0.2 -0.3 -0.2

Aug-09 -0.6 -0.9 -0.8 -0.6 Sep-09 0.0 0.2 0.3 0.3 Oct-09 0.0 0.4 0.4 0.3 Nov-09 0.3 0.0 0.1 0.0 Dec-09 -0.4 -0.3 -0.5 -0.5 Jan-10 0.8 0.1 -0.3 -0.5 Feb-10 -0.5 -0.6 -0.9 -1.2 Mar-10 -0.7 -0.8 -0.9 -1.0 Apr-10 0.1 -0.2 -0.3 -0.5 May-10 0.0 0.3 -0.2 -0.5 Jun-10 0.0 -0.1 -0.3 -0.4 Jul-10 0.5 0.3 0.5 0.7

Aug-10 -0.4 -0.7 -0.7 -0.6 Sep-10 -0.2 -0.2 -0.2 -0.1 Oct-10 -0.2 0.0 0.4 0.7 Nov-10 0.2 0.1 0.0 -0.1 Dec-10 -0.4 -0.3 -0.5 -0.8


2 - 47





Slovakia - euro (before 2009: SKK)



90

100

110

120

130

140

150

160

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Slovakia - NEER

80

100

120

140

160

180

200

220

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Slovakia - REER (HICP/CPI)

SK vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 105.7 105.4 105.9 Q4-07 163.4 154.7 157.5 1999 100.0 100.0 100.0 Q1-08 166.3 157.7 160.5 2000 112.1 110.4 109.2 Q2-08 175.9 166.1 169.7 2001 113.3 110.4 109.5 Q3-08 182.0 170.8 173.9 2002 116.8 112.9 112.4 Q4-08 180.7 172.9 174.3 2003 124.2 122.0 122.6 Q1-09 180.5 177.5 178.6 2004 134.3 131.3 132.7 Q2-09 178.9 174.7 176.5 2005 140.5 135.6 136.8 Q3-09 178.0 172.0 174.2 2006 147.9 141.8 143.2 Q4-09 177.7 172.1 174.3 2007 161.1 152.8 155.5 Q1-10 177.9 171.0 172.2 2008 176.0 166.5 169.4 Q2-10 178.4 170.9 170.6 2009 178.6 173.8 175.8 Q3-10 179.1 170.9 170.5 2010 178.6 170.8 171.1 Q4-10 179.7 171.4 171.4


1998 113.1 113.0 113.4 Q4-07 160.7 156.3 157.9 1999 100.0 100.0 100.0 Q1-08 162.2 158.2 159.8 2000 117.4 116.2 115.1 Q2-08 170.4 165.4 167.6 2001 120.2 118.2 117.1 Q3-08 175.7 169.1 170.8 2002 123.4 120.9 120.3 Q4-08 174.6 170.5 170.7 2003 130.4 128.9 129.3 Q1-09 174.8 174.6 174.7 2004 136.6 134.5 135.5 Q2-09 173.7 171.6 172.6 2005 141.2 138.3 138.9 Q3-09 172.7 168.8 170.5 2006 146.2 142.6 143.3 Q4-09 171.9 168.8 170.6 2007 159.4 154.9 156.5 Q1-10 171.2 167.7 168.4 2008 170.5 165.5 167.1 Q2-10 170.7 167.4 166.7 2009 173.1 170.8 172.1 Q3-10 170.4 167.2 166.3 2010 170.5 167.3 167.0 Q4-10 170.3 167.4 166.9


1998 109.0 108.6 109.2 Q4-07 160.6 151.2 154.3 1999 100.0 100.0 100.0 Q1-08 162.5 153.2 156.4 2000 112.5 110.3 109.3 Q2-08 171.8 161.3 165.4 2001 111.4 107.8 107.0 Q3-08 179.4 167.6 171.3 2002 115.3 110.9 110.5 Q4-08 181.3 172.9 175.1 2003 121.5 118.7 119.6 Q1-09 184.7 181.4 183.4 2004 129.3 126.4 128.2 Q2-09 186.0 181.6 184.4 2005 139.1 134.0 135.6 Q3-09 185.9 179.8 183.2 2006 146.0 139.8 141.7 Q4-09 184.3 178.7 182.2 2007 159.4 150.5 153.5 Q1-10 182.1 175.3 177.6 2008 173.5 163.3 166.7 Q2-10 180.0 172.6 173.5 2009 185.1 180.0 183.2 Q3-10 178.7 170.7 171.5 2010 179.7 171.9 173.4 Q4-10 178.4 170.4 171.6


1998 116.4 113.9 114.5 Q4-07 110.3 106.9 109.4 1999 100.0 100.0 100.0 Q1-08 110.3 107.4 109.9 2000 123.2 121.4 120.0 Q2-08 115.7 112.6 115.8 2001 111.7 108.4 107.3 Q3-08 120.5 117.2 120.4 2002 115.1 111.8 111.1 Q4-08 122.1 121.9 124.2 2003 112.9 111.8 112.4 Q1-09 125.0 129.3 131.7 2004 104.1 103.5 105.3 Q2-09 126.6 130.6 133.9 2005 103.7 101.7 103.3 Q3-09 126.9 130.1 133.9 2006 107.3 105.4 107.0 Q4-09 125.9 129.4 133.3 2007 111.9 108.6 111.1 Q1-10 124.3 126.7 129.6 2008 117.1 114.4 117.4 Q2-10 122.6 124.3 126.1 2009 126.1 129.6 133.2 Q3-10 121.6 122.7 124.3 2010 122.4 123.8 126.0 Q4-10 121.3 122.4 124.3

(index 1999 = 100)

(index 1999 = 100)

(index 1999 = 100)


(index 1999 = 100)

2 - 48

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100)


(index 1999 = 100)


80

100

120

140

160

180

200

95 97 99 01 03 05 07 09


Slovakia - REER (PGDP)

90

110

130

150

170

190

95 97 99 01 03 05 07 09


Slovakia - REER (PX)

80

100

120

140

160

180

200

95 97 99 01 03 05 07 09


Slovakia - REER (ULCE)

90

100

110

120

130

140

95 97 99 01 03 05 07 09


Slovakia - REER (ULCM)

top

FI vs the rest of vs the rest of vs the rest ofEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.9 100.0 101.2 95.6 Q4-07 99.9 101.2 109.6 111.9 Jul-08 0.0 -0.1 0.2 0.2 1999 100.0 100.0 100.0 100.0 Q1-08 99.9 102.0 110.6 113.2 Aug-08 0.0 0.0 -1.0 -1.3 2000 100.0 98.3 95.8 95.4 Q2-08 99.8 102.2 111.7 114.6 Sep-08 0.0 0.4 -0.5 -0.4 2001 100.1 99.3 97.7 97.3 Q3-08 99.8 102.1 110.9 113.4 Oct-08 0.0 0.5 -0.8 -1.1 2002 100.1 99.5 99.3 99.9 Q4-08 99.8 104.2 110.2 112.2 Nov-08 0.0 1.1 -0.1 -0.3 2003 100.1 101.3 104.6 107.1 Q1-09 99.8 106.7 112.2 116.9 Dec-08 0.0 1.8 2.5 2.8 2004 100.1 101.2 106.3 109.4 Q2-09 99.8 106.1 112.6 117.1 Jan-09 0.0 0.5 0.0 1.8 2005 100.1 101.1 105.9 108.4 Q3-09 99.8 105.3 112.5 117.6 Feb-09 0.0 0.2 -0.3 0.3 2006 100.0 100.9 106.4 108.1 Q4-09 99.8 105.7 112.9 117.8 Mar-09 0.0 0.6 1.3 1.0 2007 99.9 100.7 108.1 110.0 Q1-10 99.8 104.8 110.4 114.3 Apr-09 0.0 -0.7 -0.6 -0.9 2008 99.8 102.4 110.2 112.7 Q2-10 99.8 104.1 107.6 110.3 May-09 0.0 -0.5 0.0 -0.1 2009 99.8 105.8 111.9 116.7 Q3-10 99.8 103.6 107.0 110.2 Jun-09 0.0 0.0 0.6 0.7 2010 99.8 103.9 107.6 111.0 Q4-10 99.8 103.7 107.8 111.9 Jul-09 0.0 -0.2 -0.3 0.1



FI vs the rest of vs the rest of vs the rest ofEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.8 100.2 102.1 99.8 Q4-07 95.0 96.2 102.1 97.8 Jul-08 -0.3 -0.4 -0.2 -0.3 1999 100.0 100.0 100.0 100.0 Q1-08 96.0 97.8 103.9 99.2 Aug-08 0.4 0.3 -0.7 -1.0 2000 100.8 99.0 95.7 94.8 Q2-08 96.0 97.8 104.8 100.1 Sep-08 0.4 0.7 -0.2 -0.1 2001 100.9 100.2 97.3 95.5 Q3-08 96.0 97.7 103.9 98.7 Oct-08 0.1 0.5 -0.7 -1.1 2002 100.7 100.2 98.6 97.2 Q4-08 96.4 99.9 103.6 97.8 Nov-08 0.0 0.9 0.0 -0.4 2003 100.0 101.5 103.1 102.5 Q1-09 97.2 103.1 106.3 102.1 Dec-08 -0.3 1.6 2.4 2.6 2004 98.1 99.5 102.8 102.0 Q2-09 97.3 102.4 106.6 102.0 Jan-09 1.0 1.3 0.6 2.1 2005 96.8 98.2 101.1 98.8 Q3-09 97.6 101.7 106.4 102.2 Feb-09 0.0 0.3 -0.2 0.4 2006 96.1 97.2 100.6 96.8 Q4-09 97.2 101.7 106.4 101.9 Mar-09 0.1 0.7 1.4 1.0 2007 95.5 96.3 101.4 97.0 Q1-10 97.8 101.2 104.3 98.8 Apr-09 -0.1 -0.8 -0.6 -0.9 2008 96.1 98.2 103.5 98.4 Q2-10 97.4 100.2 101.5 95.2 May-09 -0.1 -0.7 -0.3 -0.3 2009 97.3 102.1 105.9 101.5 Q3-10 97.4 99.6 100.8 94.8 Jun-09 0.3 0.2 0.8 0.8 2010 97.6 100.1 101.7 95.7 Q4-10 97.9 100.1 102.0 96.4 Jul-09 0.0 -0.4 -0.6 -0.5

Aug-09 0.0 -0.6 -0.4 0.0 Sep-09 0.4 0.7 0.7 0.7 Oct-09 -0.7 -0.2 -0.2 -0.5 Nov-09 0.2 -0.1 0.0 -0.1 Dec-09 -0.2 -0.1 -0.4 -0.4 Jan-10 0.8 0.0 -0.8 -1.4 Feb-10 -0.1 -0.5 -1.3 -1.8 Mar-10 -0.3 -0.2 -0.5 -0.8 Apr-10 0.0 -0.4 -0.6 -1.0 May-10 -0.3 -0.3 -1.6 -2.1 Jun-10 0.3 -0.2 -0.7 -0.8 Jul-10 -0.3 -0.3 0.4 0.6

Aug-10 0.1 -0.2 -0.1 0.0 Sep-10 0.3 0.2 0.2 0.5 Oct-10 0.2 0.7 1.7 2.3 Nov-10 0.2 -0.1 -0.4 -0.5 Dec-10 -0.1 -0.4 -1.0 -1.6

2 - 49




Finland - euro (before 1999: FIM)



85

90

95

100

105

110

115

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Finland - NEER

90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Finland - REER (HICP/CPI)

FI vs the rest of vs the rest ofEA16 EU27 IC36 EA16 EU27 IC36

1998 100.0 100.6 102.5 Q4-07 95.6 94.5 100.2 1999 100.0 100.0 100.0 Q1-08 95.5 95.0 100.6 2000 101.2 99.2 95.7 Q2-08 95.3 94.9 101.3 2001 101.8 100.7 97.7 Q3-08 95.2 94.6 100.3 2002 100.6 99.5 98.3 Q4-08 95.2 96.4 99.6 2003 97.9 98.5 100.6 Q1-09 95.1 98.8 101.4 2004 96.8 97.0 100.5 Q2-09 95.2 98.1 101.8 2005 95.5 95.5 98.4 Q3-09 95.3 97.4 101.7 2006 94.7 94.2 97.3 Q4-09 95.4 97.8 102.1 2007 95.4 94.1 99.0 Q1-10 95.6 97.1 99.7 2008 95.3 95.0 99.9 Q2-10 95.9 96.5 97.2 2009 95.2 97.9 101.2 Q3-10 96.1 96.1 96.7 2010 96.0 96.3 97.3 Q4-10 96.4 96.4 97.7


1998 104.7 105.1 106.8 Q4-07 91.5 91.2 94.1 1999 100.0 100.0 100.0 Q1-08 90.7 90.8 93.5 2000 99.6 98.0 94.7 Q2-08 89.6 89.6 92.9 2001 97.4 96.7 93.7 Q3-08 88.3 87.8 90.6 2002 95.2 94.6 93.2 Q4-08 86.9 87.8 88.5 2003 95.1 95.5 96.8 Q1-09 85.6 88.2 89.0 2004 93.9 94.2 96.3 Q2-09 84.7 86.5 88.5 2005 92.9 93.2 94.3 Q3-09 84.4 85.5 88.4 2006 92.7 92.6 93.7 Q4-09 84.7 86.2 89.2 2007 92.1 91.7 94.1 Q1-10 85.3 86.4 88.0 2008 88.8 88.9 91.0 Q2-10 86.1 86.9 86.8 2009 84.8 86.5 88.4 Q3-10 86.7 87.3 87.0 2010 86.3 87.0 87.1 Q4-10 87.2 87.9 88.2


1998 100.2 100.6 102.6 Q4-07 98.0 95.6 102.3 1999 100.0 100.0 100.0 Q1-08 98.6 96.8 103.7 2000 99.4 96.9 94.0 Q2-08 99.4 97.7 105.5 2001 100.7 98.5 96.2 Q3-08 100.3 98.6 105.9 2002 99.3 97.5 96.9 Q4-08 101.3 101.6 106.5 2003 98.1 98.1 101.0 Q1-09 102.2 105.1 109.8 2004 97.5 97.2 101.8 Q2-09 103.0 105.3 111.2 2005 98.7 98.0 102.2 Q3-09 103.5 105.0 111.8 2006 98.4 97.1 101.5 Q4-09 103.6 105.5 112.4 2007 97.7 95.1 101.1 Q1-10 103.6 104.5 109.7 2008 99.9 98.5 104.8 Q2-10 103.4 103.6 106.7 2009 103.1 105.0 110.7 Q3-10 103.3 102.9 105.9 2010 103.4 103.3 106.6 Q4-10 103.2 103.0 106.6


1998 104.0 103.5 119.5 Q4-07 76.2 76.6 82.9 1999 100.0 100.0 114.7 Q1-08 75.5 76.5 82.9 2000 94.9 92.9 107.4 Q2-08 75.0 76.6 83.7 2001 96.0 94.3 105.3 Q3-08 75.2 77.1 84.1 2002 90.3 89.5 100.0 Q4-08 75.9 79.8 85.2 2003 87.7 88.9 89.5 Q1-09 76.9 83.2 88.9 2004 86.8 88.6 91.1 Q2-09 77.8 84.0 91.2 2005 87.7 88.9 88.4 Q3-09 78.4 84.2 92.3 2006 82.4 83.6 91.4 Q4-09 78.6 84.6 92.9 2007 77.8 77.9 93.3 Q1-10 78.4 83.7 90.4 2008 75.5 77.4 93.5 Q2-10 78.2 82.8 87.6 2009 78.0 83.9 87.9 Q3-10 78.0 82.1 86.7 2010 78.2 82.5 83.5 Q4-10 77.9 82.1 87.2

(index 1999 = 100) (index 1999 = 100)

2 - 50

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)



90

95

100

105

110

115

95 97 99 01 03 05 07 09


Finland - REER (PGDP)

80

90

100

110

120

95 97 99 01 03 05 07 09


Finland - REER (PX)

90

95

100

105

110

115

120

95 97 99 01 03 05 07 09


Finland - REER (ULCE)

75

80

85

90

95

100

105

110

115

120

125

95 97 99 01 03 05 07 09


Finland - REER (ULCM)

top

SEEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.5 99.5 100.9 98.3 Q4-07 94.7 95.3 103.5 104.7 Jul-08 -0.9 -1.1 -0.7 -0.7 1999 100.0 100.0 100.0 100.0 Q1-08 93.7 95.0 103.4 104.7 Aug-08 0.6 0.7 -0.3 -0.6 2000 104.4 103.0 100.0 99.7 Q2-08 94.1 95.8 105.0 106.4 Sep-08 -1.7 -1.5 -2.2 -2.1 2001 95.3 94.2 92.4 92.1 Q3-08 92.9 94.4 103.0 104.1 Oct-08 -3.0 -2.8 -3.6 -3.6 2002 96.3 95.4 94.6 94.9 Q4-08 86.0 88.4 94.7 95.9 Nov-08 -2.7 -1.9 -2.8 -2.9 2003 96.6 97.5 100.5 101.8 Q1-09 80.4 84.3 89.7 91.4 Dec-08 -5.7 -4.5 -3.5 -2.9 2004 96.6 97.3 102.6 104.3 Q2-09 81.6 85.1 91.3 92.9 Jan-09 0.2 0.7 0.0 0.3 2005 95.0 95.4 100.1 101.4 Q3-09 84.5 87.7 94.7 96.6 Feb-09 -1.7 -1.6 -2.5 -2.3 2006 95.2 95.6 100.9 101.7 Q4-09 85.0 88.6 95.5 97.4 Mar-09 -2.5 -2.1 -1.4 -1.5 2007 95.2 95.4 102.6 103.5 Q1-10 88.4 91.8 97.3 98.7 Apr-09 2.8 2.3 2.4 2.2 2008 91.6 93.2 100.8 102.0 Q2-10 91.3 94.5 98.2 99.1 May-09 2.8 2.6 3.0 3.0 2009 82.9 86.3 92.2 93.9 Q3-10 93.8 96.7 100.6 101.8 Jun-09 -2.7 -3.0 -2.3 -2.2 2010 92.2 95.3 99.2 100.4 Q4-10 95.5 98.8 103.4 105.0 Jul-09 0.4 0.2 0.3 0.4

Aug-09 5.9 5.8 5.7 5.8 Sep-09 0.2 0.6 0.7 0.7 Oct-09 -1.1 -0.7 -0.9 -1.0 Nov-09 -0.2 -0.5 -0.3 -0.3 Dec-09 -0.7 -0.7 -1.1 -1.2 Jan-10 2.1 1.8 1.1 0.9 Feb-10 2.5 2.3 1.4 1.2 Mar-10 2.3 2.5 2.0 1.8 Apr-10 0.7 0.3 0.1 -0.1 May-10 0.0 -0.1 -1.4 -1.6 Jun-10 1.0 0.6 0.1 0.0 Jul-10 0.8 0.9 1.7 2.0

Aug-10 0.8 0.5 0.5 0.6 Sep-10 2.1 2.3 2.4 2.5 Oct-10 -0.6 -0.1 1.0 1.4 Nov-10 -0.4 -0.7 -0.9 -1.0 Dec-10 2.9 2.9 1.9 1.6

SEEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 100.2 100.5 102.6 101.3 Q4-07 91.4 91.6 98.0 96.8 Jul-08 -1.3 -1.5 -1.3 -1.4 1999 100.0 100.0 100.0 100.0 Q1-08 90.4 91.2 97.7 96.4 Aug-08 0.8 0.8 -0.2 -0.4 2000 103.3 101.9 98.2 97.7 Q2-08 90.8 91.9 99.2 97.9 Sep-08 -0.9 -0.8 -1.5 -1.4 2001 94.4 93.3 90.3 89.7 Q3-08 89.5 90.3 96.9 95.3 Oct-08 -3.1 -3.0 -3.7 -3.8 2002 95.1 94.3 92.3 92.1 Q4-08 83.2 84.9 89.6 88.1 Nov-08 -2.7 -2.0 -2.7 -2.9 2003 95.9 96.8 98.5 98.8 Q1-09 78.3 81.2 85.2 84.3 Dec-08 -5.8 -4.5 -3.4 -2.8 2004 95.0 95.8 99.6 100.0 Q2-09 79.8 82.3 87.0 85.9 Jan-09 0.7 1.2 0.3 0.4 2005 92.4 92.8 96.0 95.7 Q3-09 83.1 85.2 90.4 89.4 Feb-09 -1.7 -1.7 -2.5 -2.3 2006 92.1 92.4 96.0 95.0 Q4-09 83.9 86.4 91.5 90.4 Mar-09 -2.2 -1.9 -1.2 -1.3 2007 91.7 91.7 97.2 95.9 Q1-10 87.5 89.6 93.2 91.5 Apr-09 2.8 2.3 2.4 2.2 2008 88.4 89.4 95.2 93.8 Q2-10 89.8 91.5 93.6 91.4 May-09 3.2 2.8 3.2 3.2 2009 81.3 83.7 88.0 86.9 Q3-10 92.1 93.5 95.7 93.5 Jun-09 -2.6 -2.9 -2.4 -2.3 2010 90.8 92.5 94.8 92.7 Q4-10 94.1 95.9 98.8 96.8 Jul-09 0.9 0.5 0.5 0.5

Aug-09 5.7 5.6 5.6 5.7 Sep-09 0.7 1.1 1.0 1.1 Oct-09 -0.9 -0.5 -0.7 -0.8 Nov-09 -0.2 -0.5 -0.4 -0.4 Dec-09 -0.8 -0.8 -1.1 -1.1 Jan-10 2.6 2.0 1.1 0.8 Feb-10 2.6 2.4 1.5 1.2 Mar-10 1.7 1.9 1.6 1.5 Apr-10 0.3 -0.1 -0.3 -0.5 May-10 0.0 -0.1 -1.3 -1.5 Jun-10 0.9 0.5 0.0 -0.1 Jul-10 0.7 0.8 1.5 1.7

Aug-10 0.4 0.2 0.3 0.3 Sep-10 2.8 3.0 2.9 3.0 Oct-10 -0.5 0.0 1.1 1.4 Nov-10 -0.3 -0.6 -0.8 -1.0 Dec-10 2.9 2.8 2.0 1.7


Sweden - SEK






2 - 51

75

80

85

90

95

100

105

110

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Sweden - NEER

75

80

85

90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Sweden - REER (HICP/CPI)

SE vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 99.7 100.1 102.3 Q4-07 92.8 91.2 95.8 1999 100.0 100.0 100.0 Q1-08 92.2 91.1 95.6 2000 104.2 102.6 98.1 Q2-08 93.0 92.0 97.1 2001 95.0 93.6 90.1 Q3-08 92.1 90.9 95.4 2002 95.1 93.8 91.9 Q4-08 85.4 85.4 88.1 2003 95.4 95.5 97.3 Q1-09 80.1 81.5 83.8 2004 94.2 93.8 97.3 Q2-09 81.4 82.5 85.6 2005 91.9 91.0 93.4 Q3-09 84.6 85.3 89.0 2006 92.4 91.1 93.4 Q4-09 85.5 86.4 89.9 2007 92.8 91.0 95.0 Q1-10 89.3 89.8 91.7 2008 90.6 89.7 93.5 Q2-10 92.6 92.7 92.7 2009 82.8 83.8 86.5 Q3-10 95.4 95.1 95.0 2010 93.6 93.5 93.7 Q4-10 97.3 97.2 97.8


1998 100.1 100.6 102.8 Q4-07 93.6 92.6 93.2 1999 100.0 100.0 100.0 Q1-08 92.8 92.1 92.3 2000 102.8 101.4 96.7 Q2-08 93.8 93.0 93.6 2001 95.5 94.4 90.4 Q3-08 93.7 92.4 92.7 2002 95.4 94.4 92.1 Q4-08 88.3 87.9 87.0 2003 95.1 95.1 95.9 Q1-09 84.0 84.9 84.2 2004 94.0 93.7 95.1 Q2-09 86.1 86.5 87.1 2005 93.0 92.5 92.2 Q3-09 89.0 88.9 90.5 2006 93.7 92.9 92.1 Q4-09 88.3 88.7 90.2 2007 94.1 93.0 93.5 Q1-10 89.9 90.1 90.1 2008 92.1 91.3 91.1 Q2-10 91.0 90.8 89.0 2009 86.8 87.2 87.7 Q3-10 91.9 91.6 89.7 2010 91.4 91.2 89.8 Q4-10 92.6 92.6 91.3


1998 101.8 102.3 104.5 Q4-07 97.5 94.9 100.9 1999 100.0 100.0 100.0 Q1-08 95.9 93.9 100.0 2000 108.5 106.6 102.8 Q2-08 95.8 94.0 100.9 2001 101.6 99.5 96.7 Q3-08 94.2 92.3 98.7 2002 100.9 99.1 97.7 Q4-08 87.2 86.6 91.1 2003 99.6 99.4 102.2 Q1-09 81.8 82.7 86.7 2004 98.1 97.6 102.5 Q2-09 83.2 83.7 88.7 2005 95.8 94.5 98.7 Q3-09 86.2 86.4 92.1 2006 95.0 93.2 97.1 Q4-09 86.6 87.1 92.7 2007 97.7 94.9 100.2 Q1-10 89.8 89.9 94.1 2008 93.2 91.5 97.0 Q2-10 92.6 92.2 94.6 2009 84.5 84.8 89.4 Q3-10 94.8 94.1 96.5 2010 93.4 92.8 95.4 Q4-10 96.3 95.8 98.9


1998 107.7 108.2 110.2 Q4-07 83.9 82.3 88.8 1999 100.0 100.0 100.0 Q1-08 82.3 81.5 88.2 2000 105.9 104.1 99.7 Q2-08 81.6 81.4 88.8 2001 102.1 100.4 96.2 Q3-08 79.3 79.2 86.5 2002 95.7 94.2 92.2 Q4-08 72.3 73.4 79.2 2003 92.5 92.6 95.0 Q1-09 66.7 69.2 74.8 2004 86.6 86.7 91.9 Q2-09 67.0 69.3 75.9 2005 83.6 82.8 87.5 Q3-09 68.9 71.0 78.6 2006 80.2 79.1 83.2 Q4-09 69.1 71.6 79.1 2007 83.6 81.7 87.3 Q1-10 71.9 74.1 80.3 2008 78.8 78.7 85.0 Q2-10 74.4 76.2 80.9 2009 67.9 70.2 76.5 Q3-10 76.5 78.0 82.7 2010 75.1 76.8 81.6 Q4-10 77.7 79.5 84.8


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 52

(index 1999 = 100) (index 1999 = 100)


75

80

85

90

95

100

105

110

115

95 97 99 01 03 05 07 09


Sweden - REER (PGDP)

80

85

90

95

100

105

110

115

95 97 99 01 03 05 07 09


Sweden - REER (PX)

80

90

100

110

120

95 97 99 01 03 05 07 09


Sweden - REER (ULCE)

60

70

80

90

100

110

120

130

95 97 99 01 03 05 07 09


Sweden - REER (ULCM)

top

UKEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 98.0 97.8 99.5 98.2 Q4-07 93.0 93.0 103.2 103.9 Jul-08 -0.2 -0.3 0.1 0.1 1999 100.0 100.0 100.0 100.0 Q1-08 87.0 87.0 97.1 97.8 Aug-08 0.0 0.1 -1.3 -1.6 2000 108.2 107.9 103.1 102.7 Q2-08 83.1 83.0 93.9 94.7 Sep-08 -0.8 -0.6 -1.9 -1.8 2001 106.0 106.2 102.1 101.9 Q3-08 82.8 82.6 92.7 93.2 Oct-08 1.6 1.9 -0.1 -0.1 2002 104.9 105.0 103.1 103.3 Q4-08 78.5 78.9 85.2 86.2 Nov-08 -5.3 -5.1 -6.3 -6.4 2003 95.3 95.7 99.0 99.9 Q1-09 72.5 73.5 79.0 80.0 Dec-08 -8.0 -7.6 -6.4 -4.5 2004 97.2 97.6 103.4 104.8 Q2-09 74.9 75.8 82.4 83.4 Jan-09 -1.7 -1.5 -2.1 -3.2 2005 96.4 96.7 102.2 103.1 Q3-09 75.5 76.2 83.8 85.0 Feb-09 3.5 3.9 2.9 3.0 2006 96.7 96.9 103.2 103.5 Q4-09 72.8 73.4 81.1 82.2 Mar-09 -3.5 -3.5 -2.5 -2.5 2007 96.3 96.3 105.2 105.7 Q1-10 74.2 74.7 80.7 81.5 Apr-09 2.4 2.2 2.3 2.1 2008 82.8 82.8 91.7 92.5 Q2-10 77.2 77.6 81.6 82.0 May-09 1.5 1.3 2.0 2.0 2009 73.9 74.7 81.1 82.3 Q3-10 79.0 79.4 83.4 84.0 Jun-09 3.3 3.4 4.1 4.2 2010 76.7 77.1 81.4 82.1 Q4-10 76.6 76.8 81.7 82.5 Jul-09 -0.5 -0.7 -0.6 -0.5

Aug-09 -0.2 -0.5 -0.2 -0.2 Sep-09 -3.2 -3.2 -2.9 -2.8 Oct-09 -2.7 -2.6 -2.4 -2.4 Nov-09 1.9 1.8 2.0 2.0 Dec-09 -0.1 0.0 -0.7 -0.7 Jan-10 1.9 1.7 1.0 0.7 Feb-10 0.8 0.7 -0.6 -0.8 Mar-10 -2.8 -3.0 -3.4 -3.5 Apr-10 3.1 3.1 2.7 2.4 May-10 2.0 2.2 0.2 -0.1 Jun-10 3.6 3.6 2.5 2.5 Jul-10 -0.9 -1.0 0.1 0.4

Aug-10 1.5 1.3 1.4 1.5 Sep-10 -1.9 -2.0 -1.8 -1.7 Oct-10 -4.2 -4.2 -2.6 -2.2 Nov-10 2.5 2.5 2.0 1.9 Dec-10 0.8 0.7 -0.3 -0.6

UKEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 97.9 97.9 100.5 99.7 Q4-07 88.5 87.9 95.9 94.9 Jul-08 -0.1 -0.2 0.0 -0.1 1999 100.0 100.0 100.0 100.0 Q1-08 82.5 81.9 89.9 88.8 Aug-08 0.7 0.8 -0.6 -0.8 2000 106.6 106.1 100.9 100.5 Q2-08 79.2 78.5 87.2 86.2 Sep-08 -0.4 -0.3 -1.5 -1.3 2001 103.1 102.9 98.1 97.6 Q3-08 79.7 78.8 86.6 85.3 Oct-08 1.4 1.7 -0.2 -0.2 2002 101.0 100.6 98.0 97.7 Q4-08 75.9 75.6 80.3 79.6 Nov-08 -4.9 -4.7 -5.7 -5.9 2003 91.2 91.1 93.2 93.5 Q1-09 70.2 70.5 74.5 73.8 Dec-08 -8.2 -7.8 -6.3 -4.5 2004 92.3 92.2 96.6 97.0 Q2-09 72.8 72.9 78.0 77.1 Jan-09 -1.7 -1.6 -2.4 -3.7 2005 91.5 91.3 95.2 95.0 Q3-09 74.1 74.0 79.8 79.0 Feb-09 3.8 4.2 3.3 3.4 2006 92.0 91.6 96.1 95.2 Q4-09 71.7 71.5 77.5 76.8 Mar-09 -3.6 -3.6 -2.6 -2.7 2007 91.8 91.3 98.0 96.9 Q1-10 73.6 73.2 77.5 76.3 Apr-09 2.4 2.2 2.3 2.1 2008 79.3 78.6 85.5 84.5 Q2-10 76.7 76.2 78.7 77.1 May-09 2.0 1.8 2.4 2.5 2009 72.2 72.2 77.1 76.3 Q3-10 78.9 78.2 80.7 79.1 Jun-09 3.4 3.5 4.1 4.2 2010 76.4 75.8 78.7 77.3 Q4-10 76.7 75.9 79.4 77.9 Jul-09 0.1 -0.1 -0.2 -0.3

Aug-09 -0.2 -0.4 -0.1 0.1 Sep-09 -3.0 -3.1 -2.8 -2.7 Oct-09 -2.6 -2.5 -2.3 -2.4 Nov-09 2.1 2.1 2.2 2.1 Dec-09 0.2 0.2 -0.2 -0.3 Jan-10 2.4 2.1 1.0 0.7 Feb-10 0.7 0.6 -0.6 -0.8 Mar-10 -3.1 -3.3 -3.5 -3.6 Apr-10 3.4 3.4 3.0 2.8 May-10 2.1 2.3 0.3 0.0 Jun-10 3.8 3.8 2.8 2.7 Jul-10 -0.8 -0.9 0.1 0.3

Aug-10 1.7 1.6 1.8 1.8 Sep-10 -2.1 -2.2 -2.0 -1.9 Oct-10 -4.2 -4.2 -2.6 -2.3 Nov-10 2.8 2.8 2.3 2.1 Dec-10 1.2 1.2 0.3 0.1


United Kingdom - GBP






2 - 53

70

75

80

85

90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


United Kingdom - NEER

65

70

75

80

85

90

95

100

105

110

115

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


United Kingdom - REER (HICP/CPI)

UK vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 97.0 97.0 99.5 Q4-07 96.8 95.7 104.2 1999 100.0 100.0 100.0 Q1-08 90.9 89.8 98.3 2000 107.7 107.2 101.8 Q2-08 87.2 85.9 95.2 2001 105.1 104.8 100.1 Q3-08 87.1 85.7 94.0 2002 104.6 104.2 101.9 Q4-08 82.6 81.8 86.5 2003 96.0 95.8 98.6 Q1-09 76.3 76.3 80.2 2004 98.7 98.4 103.3 Q2-09 78.9 78.7 83.8 2005 98.0 97.5 101.8 Q3-09 80.0 79.5 85.4 2006 99.5 98.8 103.5 Q4-09 77.5 77.0 83.1 2007 99.8 98.8 106.0 Q1-10 79.7 78.9 83.2 2008 86.9 85.7 92.9 Q2-10 83.4 82.5 84.6 2009 78.2 77.8 82.7 Q3-10 85.9 84.7 86.8 2010 83.1 82.0 84.5 Q4-10 83.4 82.2 85.2


1998 97.2 97.2 99.2 Q4-07 93.4 92.7 98.4 1999 100.0 100.0 100.0 Q1-08 89.8 89.1 94.8 2000 105.9 105.5 100.9 Q2-08 88.3 87.4 94.1 2001 102.6 102.4 98.1 Q3-08 90.2 89.1 95.2 2002 102.3 102.0 99.9 Q4-08 87.1 86.6 89.4 2003 95.9 95.7 97.9 Q1-09 81.6 81.6 84.3 2004 96.4 96.2 99.8 Q2-09 85.0 84.9 89.1 2005 94.4 94.0 96.7 Q3-09 86.3 85.9 91.4 2006 95.0 94.5 97.3 Q4-09 83.4 83.1 88.9 2007 94.6 93.9 98.7 Q1-10 85.3 84.8 88.8 2008 88.9 88.1 93.0 Q2-10 88.8 88.3 89.9 2009 84.1 83.9 88.1 Q3-10 90.9 90.5 92.0 2010 88.3 87.9 89.9 Q4-10 88.1 87.7 90.1


1998 96.8 96.6 99.3 Q4-07 100.9 99.4 108.9 1999 100.0 100.0 100.0 Q1-08 93.8 92.4 101.8 2000 109.9 109.2 103.8 Q2-08 89.2 87.6 98.0 2001 108.7 108.0 103.3 Q3-08 88.9 87.2 96.9 2002 107.0 106.3 104.4 Q4-08 84.5 83.6 89.7 2003 98.1 97.8 101.2 Q1-09 78.5 78.3 83.9 2004 101.2 100.9 106.8 Q2-09 81.7 81.4 88.5 2005 101.3 100.7 106.1 Q3-09 83.0 82.4 90.7 2006 103.7 102.9 108.5 Q4-09 80.4 79.8 88.2 2007 104.8 103.5 111.6 Q1-10 82.4 81.6 88.2 2008 89.1 87.6 96.0 Q2-10 86.0 85.0 89.4 2009 80.9 80.4 87.3 Q3-10 88.2 87.2 91.5 2010 85.5 84.5 89.2 Q4-10 85.6 84.4 89.6


1998 96.6 96.1 98.5 Q4-07 95.9 95.3 106.7 1999 100.0 100.0 100.0 Q1-08 88.2 87.7 98.9 2000 109.5 108.9 103.0 Q2-08 83.3 82.8 94.8 2001 106.5 105.9 100.1 Q3-08 82.8 82.4 94.1 2002 105.7 105.4 103.0 Q4-08 79.1 79.5 88.1 2003 95.8 95.9 99.3 Q1-09 74.0 75.3 83.7 2004 96.6 96.9 104.1 Q2-09 77.5 78.9 89.4 2005 98.0 98.0 105.2 Q3-09 79.1 80.3 92.4 2006 100.2 100.4 107.6 Q4-09 76.7 77.9 90.0 2007 100.7 100.2 110.4 Q1-10 78.5 79.5 89.7 2008 83.3 83.0 93.4 Q2-10 81.7 82.5 90.5 2009 76.8 78.0 88.4 Q3-10 83.7 84.4 92.3 2010 81.3 82.0 90.2 Q4-10 81.1 81.7 90.3


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 54

(index 1999 = 100) (index 1999 = 100)


70

80

90

100

110

95 97 99 01 03 05 07 09


United Kingdom - REER (PGDP)

80

90

100

110

95 97 99 01 03 05 07 09


United Kingdom - REER (PX)

70

80

90

100

110

120

95 97 99 01 03 05 07 09


United Kingdom - REER (ULCE)

60

70

80

90

100

110

120

95 97 99 01 03 05 07 09


United Kingdom - REER (ULCM)

top

USEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 95.8 96.0 100.1 98.1 Q4-07 73.5 74.5 82.0 83.1 Jul-08 -1.4 -1.4 -0.9 -1.0 1999 100.0 100.0 100.0 100.0 Q1-08 71.1 72.7 80.4 81.8 Aug-08 5.3 5.4 3.8 3.1 2000 115.6 113.7 104.8 103.8 Q2-08 68.2 70.1 78.7 80.4 Sep-08 4.2 4.4 2.6 3.0 2001 119.1 118.2 110.6 110.0 Q3-08 70.9 72.9 81.1 82.2 Oct-08 8.0 8.0 7.9 8.4 2002 113.0 112.3 109.6 110.0 Q4-08 81.0 84.4 91.4 93.7 Nov-08 4.5 5.5 3.3 3.2 2003 94.4 95.4 99.7 102.0 Q1-09 81.8 86.7 94.0 96.4 Dec-08 -5.1 -3.7 -2.1 -0.4 2004 85.8 86.5 93.2 96.4 Q2-09 78.3 82.5 89.8 91.9 Jan-09 1.4 1.8 0.9 0.2 2005 85.7 86.5 91.4 93.4 Q3-09 74.5 78.2 85.6 88.0 Feb-09 3.5 3.3 3.0 2.8 2006 85.0 85.6 90.7 91.5 Q4-09 72.1 76.0 82.8 85.3 Mar-09 -2.0 -1.4 0.6 0.3 2007 77.8 78.4 86.1 86.9 Q1-10 77.0 80.8 84.7 86.6 Apr-09 -1.1 -1.7 -2.6 -2.9 2008 72.7 74.7 82.5 84.1 Q2-10 83.8 87.4 87.4 88.6 May-09 -3.4 -3.7 -3.9 -3.7 2009 76.6 80.6 87.7 89.9 Q3-10 82.6 85.8 85.9 87.6 Jun-09 -2.6 -3.0 -1.9 -1.6 2010 80.4 83.8 84.8 86.4 Q4-10 78.4 81.7 82.4 84.5 Jul-09 -0.5 -0.6 -0.6 -0.4

Aug-09 -1.3 -1.5 -1.8 -1.7 Sep-09 -2.0 -1.6 -1.2 -0.9 Oct-09 -1.7 -1.3 -1.7 -1.8 Nov-09 -0.7 -0.9 -0.7 -0.6 Dec-09 2.1 2.1 0.7 0.6 Jan-10 2.4 2.0 0.8 0.4 Feb-10 4.3 4.1 2.1 1.8 Mar-10 0.9 1.1 -0.6 -0.9 Apr-10 1.2 0.8 0.0 -0.4 May-10 6.7 6.5 4.1 3.7 Jun-10 2.9 2.4 0.8 0.8 Jul-10 -4.4 -4.3 -2.5 -1.9

Aug-10 -1.0 -1.2 -1.2 -0.9 Sep-10 -1.3 -1.1 -1.0 -0.9 Oct-10 -6.0 -5.5 -3.8 -3.1 Nov-10 1.8 1.5 0.5 0.4 Dec-10 3.3 3.1 1.4 1.0

USEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 94.8 95.2 101.1 99.5 Q4-07 77.3 78.6 85.5 84.1 Jul-08 -0.8 -0.9 -0.6 -0.8 1999 100.0 100.0 100.0 100.0 Q1-08 75.0 77.0 84.2 82.9 Aug-08 5.0 4.9 3.2 2.7 2000 116.9 115.2 105.2 104.1 Q2-08 72.5 74.7 83.1 82.0 Sep-08 3.9 4.1 2.3 2.8 2001 120.9 120.3 111.2 110.1 Q3-08 75.9 78.2 85.8 84.0 Oct-08 7.0 7.0 7.0 7.4 2002 114.1 113.8 109.5 109.2 Q4-08 84.6 88.2 94.2 93.3 Nov-08 3.0 3.9 1.6 1.4 2003 95.6 97.0 99.7 100.9 Q1-09 85.5 90.5 96.6 95.6 Dec-08 -6.0 -4.6 -2.9 -1.2 2004 87.4 88.6 93.9 95.5 Q2-09 82.0 86.3 92.7 91.4 Jan-09 2.7 3.0 1.7 0.8 2005 88.5 89.7 93.3 93.4 Q3-09 78.8 82.4 88.9 88.0 Feb-09 3.4 3.1 3.1 2.9 2006 88.7 89.8 93.6 92.4 Q4-09 76.1 80.0 85.9 85.1 Mar-09 -2.0 -1.4 0.6 0.3 2007 81.8 82.8 89.6 87.9 Q1-10 81.5 85.1 87.7 86.1 Apr-09 -1.2 -1.7 -2.5 -2.8 2008 76.9 79.3 86.4 85.0 Q2-10 88.2 91.5 90.4 87.8 May-09 -3.1 -3.5 -3.8 -3.5 2009 80.5 84.6 90.6 89.5 Q3-10 87.0 89.9 88.8 86.6 Jun-09 -2.0 -2.3 -1.2 -1.0 2010 84.7 87.8 87.6 85.4 Q4-10 82.3 85.3 84.8 83.0 Jul-09 0.0 -0.2 -0.5 -0.6

Aug-09 -1.5 -1.7 -1.8 -1.7 Sep-09 -1.9 -1.5 -1.2 -0.8 Oct-09 -1.8 -1.4 -1.7 -1.8 Nov-09 -0.6 -0.9 -0.8 -0.8 Dec-09 1.6 1.6 0.5 0.2 Jan-10 3.5 2.9 1.1 0.7 Feb-10 3.8 3.6 1.7 1.4 Mar-10 0.4 0.7 -0.6 -0.8 Apr-10 1.1 0.6 -0.1 -0.5 May-10 6.7 6.5 4.2 3.7 Jun-10 2.8 2.3 0.7 0.7 Jul-10 -4.0 -3.9 -2.4 -2.1



United States - USD






2 - 55

60

70

80

90

100

110

120

130

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


United States - NEER

70

80

90

100

110

120

130

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


United States - REER (HICP/CPI)

US vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 95.3 95.9 101.5 Q4-07 77.3 77.2 82.1 1999 100.0 100.0 100.0 Q1-08 74.8 75.3 80.3 2000 116.4 114.5 103.7 Q2-08 71.8 72.6 78.5 2001 119.8 118.7 109.5 Q3-08 74.7 75.4 80.7 2002 112.8 111.8 107.9 Q4-08 85.3 87.3 91.0 2003 94.3 94.9 97.5 Q1-09 86.1 89.6 93.5 2004 86.7 86.9 91.3 Q2-09 82.3 85.2 89.5 2005 88.0 88.1 90.6 Q3-09 78.4 80.8 85.3 2006 88.5 88.2 90.5 Q4-09 76.0 78.6 82.6 2007 81.6 81.2 86.3 Q1-10 81.4 83.6 84.4 2008 76.5 77.4 82.1 Q2-10 88.7 90.4 87.2 2009 80.6 83.3 87.3 Q3-10 87.3 88.6 85.6 2010 85.0 86.6 84.4 Q4-10 82.8 84.3 82.1


1998 95.9 96.3 100.4 Q4-07 79.5 80.2 84.8 1999 100.0 100.0 100.0 Q1-08 77.5 78.5 83.0 2000 113.3 111.8 103.2 Q2-08 74.7 75.7 81.1 2001 115.3 114.8 107.3 Q3-08 77.5 78.3 83.1 2002 109.4 109.0 106.3 Q4-08 87.9 89.6 93.1 2003 94.5 95.2 98.5 Q1-09 88.0 91.0 95.3 2004 88.2 88.7 93.5 Q2-09 83.4 85.6 90.9 2005 89.3 90.0 92.5 Q3-09 79.0 80.7 87.0 2006 89.2 89.8 92.3 Q4-09 76.5 78.6 84.8 2007 83.2 83.6 88.9 Q1-10 82.0 83.9 87.7 2008 79.2 80.3 84.7 Q2-10 89.6 91.2 91.6 2009 81.6 83.7 89.2 Q3-10 88.7 90.0 90.8 2010 86.2 87.7 89.2 Q4-10 84.6 86.2 87.7


1998 95.5 96.0 100.8 Q4-07 78.5 77.6 83.4 1999 100.0 100.0 100.0 Q1-08 75.8 75.7 81.6 2000 118.5 115.9 105.4 Q2-08 72.4 72.6 79.5 2001 121.7 119.5 110.1 Q3-08 74.6 74.8 81.0 2002 113.4 111.6 108.5 Q4-08 84.0 85.3 90.2 2003 94.9 94.9 98.3 Q1-09 83.6 86.4 91.4 2004 86.8 86.4 92.0 Q2-09 79.0 81.1 86.3 2005 87.8 87.3 91.1 Q3-09 74.7 76.3 81.7 2006 89.0 88.0 90.9 Q4-09 72.2 74.0 78.9 2007 82.9 81.4 87.3 Q1-10 77.3 78.8 80.8 2008 76.6 76.8 82.6 Q2-10 84.3 85.4 83.6 2009 77.3 79.2 84.0 Q3-10 83.2 83.9 82.2 2010 80.9 81.8 80.9 Q4-10 78.9 79.9 78.8


1998 97.8 98.0 103.9 Q4-07 64.6 64.9 67.2 1999 100.0 100.0 100.0 Q1-08 62.4 63.5 66.2 2000 119.9 117.6 107.3 Q2-08 59.5 61.0 64.9 2001 123.7 121.9 110.0 Q3-08 60.7 62.3 66.3 2002 109.1 107.8 101.5 Q4-08 67.4 70.2 73.4 2003 90.3 91.0 91.9 Q1-09 66.0 69.9 73.8 2004 76.6 77.3 80.1 Q2-09 61.4 64.7 69.2 2005 76.1 76.5 77.4 Q3-09 57.5 60.4 65.1 2006 76.4 76.6 76.5 Q4-09 55.5 58.5 62.8 2007 68.5 68.3 70.5 Q1-10 59.6 62.5 64.5 2008 62.5 64.1 67.3 Q2-10 65.4 68.1 66.9 2009 60.0 63.1 67.3 Q3-10 64.7 67.1 65.9 2010 62.8 65.3 64.8 Q4-10 61.5 63.9 63.2


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 56

(index 1999 = 100) (index 1999 = 100)


70

80

90

100

110

120

130

95 97 99 01 03 05 07 09


United States - REER (PGDP)

70

80

90

100

110

120

130

95 97 99 01 03 05 07 09


United States - REER (PX)

70

80

90

100

110

120

130

95 97 99 01 03 05 07 09


United States - REER (ULCE)

50

60

70

80

90

100

110

120

130

95 97 99 01 03 05 07 09


United States - REER (ULCM)

top

JPEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 83.1 83.3 85.1 85.3 Q4-07 73.9 74.7 85.8 87.7 Jul-08 -1.3 -1.4 -0.7 -0.8 1999 100.0 100.0 100.0 100.0 Q1-08 76.7 78.3 91.0 92.9 Aug-08 3.0 3.0 0.9 -0.1 2000 121.8 119.9 112.0 109.9 Q2-08 74.1 75.9 89.7 92.3 Sep-08 6.8 7.0 5.3 5.1 2001 111.4 110.5 101.9 100.7 Q3-08 74.9 76.7 89.3 91.0 Oct-08 15.0 15.0 12.8 12.1 2002 102.6 101.9 96.6 96.3 Q4-08 95.9 99.6 110.7 111.4 Nov-08 8.1 9.0 6.7 5.9 2003 92.5 93.4 96.3 98.4 Q1-09 99.4 104.9 115.6 116.4 Dec-08 0.8 2.2 4.3 5.5 2004 90.1 90.8 97.9 101.6 Q2-09 91.3 95.9 107.0 108.2 Jan-09 2.2 2.7 1.6 1.2 2005 88.5 89.2 95.6 97.8 Q3-09 90.4 94.6 107.4 109.9 Feb-09 1.1 0.9 -0.3 -0.4 2006 82.9 83.5 90.0 90.9 Q4-09 91.2 95.9 109.5 112.3 Mar-09 -7.3 -6.8 -6.2 -5.8 2007 75.1 75.5 84.7 86.1 Q1-10 96.4 100.8 111.4 112.6 Apr-09 -2.0 -2.5 -2.5 -2.8 2008 79.9 82.0 94.2 96.1 Q2-10 103.2 107.4 113.8 113.3 May-09 -1.2 -1.6 -0.4 0.0 2009 93.0 97.7 109.2 111.0 Q3-10 109.4 113.3 121.0 121.0 Jun-09 -2.6 -2.9 -1.8 -1.0 2010 104.1 108.2 116.2 116.6 Q4-10 107.9 112.1 121.9 122.6 Jul-09 1.7 1.7 1.9 2.1

Aug-09 -1.6 -1.9 -1.6 -1.3 Sep-09 1.6 2.1 2.7 2.9 Oct-09 -0.6 -0.1 0.0 0.1 Nov-09 0.7 0.4 0.9 1.0 Dec-09 1.3 1.4 0.3 0.0 Jan-10 0.7 0.3 -0.9 -1.5 Feb-10 5.6 5.3 3.5 2.7 Mar-10 0.3 0.6 -0.4 -0.7 Apr-10 -1.8 -2.3 -2.9 -3.2 May-10 8.3 8.1 5.2 4.1 Jun-10 4.3 3.8 2.6 2.4 Jul-10 -0.6 -0.6 1.6 2.3

Aug-10 1.6 1.3 1.7 1.9 Sep-10 -0.2 0.0 0.2 0.3 Oct-10 -3.1 -2.5 0.0 0.8 Nov-10 0.9 0.6 -0.3 -0.5 Dec-10 2.3 2.2 0.4 -0.1

JPEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 84.3 84.6 87.3 87.4 Q4-07 60.5 61.3 67.6 68.8 Jul-08 -1.1 -1.1 -0.8 -1.2 1999 100.0 100.0 100.0 100.0 Q1-08 62.3 63.7 70.9 71.7 Aug-08 3.4 3.3 1.3 0.4 2000 118.3 116.7 107.8 106.1 Q2-08 59.8 61.4 69.3 70.7 Sep-08 6.7 6.8 5.3 5.3 2001 104.8 104.2 94.5 93.9 Q3-08 60.8 62.3 69.1 69.7 Oct-08 15.0 15.0 13.2 12.2 2002 93.6 93.3 87.0 87.4 Q4-08 77.6 80.5 86.1 85.7 Nov-08 7.7 8.5 6.7 5.7 2003 82.6 83.8 84.6 87.2 Q1-09 79.7 84.1 89.0 88.6 Dec-08 0.4 1.9 4.4 5.7 2004 78.9 79.8 84.0 87.5 Q2-09 72.8 76.3 81.7 81.8 Jan-09 2.4 2.7 1.1 0.5 2005 75.7 76.6 79.6 81.8 Q3-09 72.0 75.1 81.5 82.4 Feb-09 0.2 -0.1 -1.1 -1.0 2006 69.7 70.5 73.2 74.3 Q4-09 72.0 75.4 82.4 83.4 Mar-09 -7.2 -6.7 -6.1 -5.8 2007 61.9 62.4 67.2 68.2 Q1-10 75.7 78.8 83.1 82.8 Apr-09 -2.2 -2.7 -2.7 -2.9 2008 64.7 66.5 73.1 73.8 Q2-10 80.5 83.2 84.5 82.9 May-09 -1.4 -1.9 -0.8 -0.3 2009 74.1 77.6 83.1 83.5 Q3-10 85.2 87.7 89.6 87.9 Jun-09 -3.0 -3.3 -2.4 -1.6 2010 81.2 83.9 86.2 85.0 Q4-10 83.8 86.5 90.1 88.5 Jul-09 2.1 1.9 1.9 1.6

Aug-09 -1.8 -2.0 -1.6 -1.1 Sep-09 1.7 2.1 2.7 3.0 Oct-09 -1.1 -0.7 -0.5 -0.5 Nov-09 0.5 0.2 0.6 0.5 Dec-09 0.8 0.8 0.0 -0.5 Jan-10 1.2 0.7 -1.1 -1.7 Feb-10 4.9 4.7 3.0 2.1 Mar-10 -0.2 0.1 -0.7 -0.8 Apr-10 -2.1 -2.6 -3.2 -3.5 May-10 8.3 8.1 5.2 4.2 Jun-10 4.3 3.8 2.7 2.4 Jul-10 -0.8 -0.7 1.2 1.5

Aug-10 1.5 1.3 1.8 2.0 Sep-10 0.0 0.1 0.4 0.5 Oct-10 -2.9 -2.3 0.2 0.7 Nov-10 0.5 0.2 -0.7 -1.1 Dec-10 1.3 1.1 -0.3 -0.7


Japan - JPY






2 - 57

70

80

90

100

110

120

130

140

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Japan - NEER

50

60

70

80

90

100

110

120

130

140

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Japan - REER (HICP/CPI)

JP vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 85.0 85.5 87.9 Q4-07 56.8 56.5 62.2 1999 100.0 100.0 100.0 Q1-08 58.6 58.8 65.3 2000 118.1 116.1 107.4 Q2-08 56.2 56.6 63.8 2001 104.1 103.1 94.0 Q3-08 56.5 56.9 63.1 2002 92.2 91.2 85.9 Q4-08 72.1 73.5 77.8 2003 80.2 80.6 82.2 Q1-09 74.5 77.2 80.7 2004 76.1 76.1 80.5 Q2-09 68.2 70.3 74.2 2005 72.6 72.5 75.6 Q3-09 67.1 68.8 73.9 2006 66.3 66.0 68.5 Q4-09 67.3 69.3 74.6 2007 58.3 57.9 62.2 Q1-10 70.6 72.3 75.0 2008 60.5 61.0 66.8 Q2-10 75.1 76.3 75.9 2009 69.2 71.2 75.3 Q3-10 79.2 80.1 80.3 2010 75.6 76.8 77.5 Q4-10 77.9 78.9 80.7


1998 90.6 91.1 93.5 Q4-07 66.0 66.4 71.0 1999 100.0 100.0 100.0 Q1-08 67.3 68.1 73.1 2000 112.5 111.0 103.6 Q2-08 63.6 64.3 69.9 2001 104.3 103.7 95.9 Q3-08 62.6 63.1 67.5 2002 95.3 94.8 90.3 Q4-08 78.1 79.4 81.6 2003 84.1 84.6 86.4 Q1-09 78.8 81.3 83.3 2004 80.3 80.7 84.4 Q2-09 70.9 72.5 75.8 2005 78.3 78.8 80.7 Q3-09 69.0 70.3 75.2 2006 74.2 74.5 76.3 Q4-09 68.9 70.5 76.1 2007 67.8 68.1 71.7 Q1-10 72.3 73.8 76.9 2008 67.6 68.4 72.4 Q2-10 77.0 78.2 78.1 2009 71.7 73.5 77.1 Q3-10 81.1 82.1 82.5 2010 77.3 78.5 79.5 Q4-10 79.3 80.6 82.3


1998 85.6 86.0 88.4 Q4-07 53.3 52.5 57.7 1999 100.0 100.0 100.0 Q1-08 55.0 54.7 60.7 2000 117.0 114.5 105.4 Q2-08 52.8 52.8 59.6 2001 102.4 100.5 91.6 Q3-08 53.0 53.0 59.2 2002 89.2 87.7 82.7 Q4-08 67.3 68.1 73.2 2003 76.1 76.0 77.7 Q1-09 69.1 71.0 76.2 2004 71.5 71.1 75.6 Q2-09 62.9 64.3 70.2 2005 68.8 68.3 71.7 Q3-09 61.7 62.8 70.1 2006 63.2 62.4 65.0 Q4-09 61.8 63.2 70.9 2007 54.9 53.8 57.8 Q1-10 64.9 66.0 71.5 2008 56.8 56.8 62.5 Q2-10 69.2 69.9 72.4 2009 63.8 65.2 71.4 Q3-10 73.0 73.4 76.6 2010 69.7 70.3 73.8 Q4-10 71.8 72.4 76.8


1998 85.4 85.5 87.1 Q4-07 56.2 56.3 65.8 1999 100.0 100.0 100.0 Q1-08 57.7 58.4 68.9 2000 116.8 114.5 104.6 Q2-08 54.9 55.9 67.3 2001 109.3 107.6 96.8 Q3-08 54.3 55.5 66.3 2002 97.1 95.8 91.3 Q4-08 67.9 70.3 81.5 2003 80.2 80.6 83.6 Q1-09 68.6 72.3 84.3 2004 74.6 75.1 83.1 Q2-09 61.6 64.6 77.4 2005 70.3 70.4 77.3 Q3-09 60.1 62.7 77.1 2006 65.8 65.8 71.7 Q4-09 60.1 63.0 78.0 2007 58.0 57.7 65.8 Q1-10 63.3 66.0 78.7 2008 58.5 59.7 70.2 Q2-10 67.7 70.1 79.8 2009 62.5 65.5 78.5 Q3-10 71.7 73.9 84.4 2010 68.3 70.6 81.2 Q4-10 70.5 73.0 84.7


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 58

(index 1999 = 100) (index 1999 = 100)


50

60

70

80

90

100

110

120

130

140

95 97 99 01 03 05 07 09


Japan - REER (PGDP)

60

70

80

90

100

110

120

130

95 97 99 01 03 05 07 09


Japan - REER (PX)

50

60

70

80

90

100

110

120

130

140

95 97 99 01 03 05 07 09


Japan - REER (ULCE)

50

60

70

80

90

100

110

120

130

95 97 99 01 03 05 07 09


Japan - REER (ULCM)

top

CHEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.2 99.2 100.9 99.6 Q4-07 96.4 97.1 106.6 107.4 Jul-08 -0.3 -0.4 -0.1 -0.1 1999 100.0 100.0 100.0 100.0 Q1-08 100.0 101.4 111.6 112.5 Aug-08 -0.1 -0.1 -1.3 -1.6 2000 102.8 101.7 97.9 97.5 Q2-08 99.2 101.0 112.2 113.3 Sep-08 1.7 1.9 0.7 0.8 2001 106.0 105.4 102.3 102.1 Q3-08 99.2 100.9 111.2 111.9 Oct-08 5.0 5.2 3.3 3.4 2002 109.2 108.6 107.6 107.9 Q4-08 104.9 107.9 114.6 115.0 Nov-08 0.1 0.9 -0.6 -0.7 2003 105.3 106.3 109.7 111.0 Q1-09 106.8 111.7 117.7 119.3 Dec-08 -1.5 -0.3 0.3 -0.4 2004 103.7 104.5 110.1 111.9 Q2-09 105.6 109.9 117.3 118.7 Jan-09 3.1 3.5 3.0 4.5 2005 103.4 104.0 109.4 110.7 Q3-09 105.2 109.1 117.4 119.2 Feb-09 0.2 0.2 -0.4 -0.4 2006 101.8 102.3 108.4 109.1 Q4-09 106.0 110.3 118.9 120.8 Mar-09 -1.1 -0.8 0.1 0.0 2007 97.4 97.8 106.2 106.8 Q1-10 109.2 113.2 119.9 121.3 Apr-09 -0.5 -0.9 -0.7 -0.9 2008 100.8 102.7 111.9 112.7 Q2-10 113.4 117.0 121.3 122.0 May-09 0.2 -0.1 0.5 0.6 2009 105.9 110.2 117.4 119.0 Q3-10 120.1 123.5 127.9 129.0 Jun-09 -0.2 -0.4 0.3 0.4 2010 115.8 119.4 124.2 125.4 Q4-10 120.8 124.6 130.1 131.6 Jul-09 -0.4 -0.5 -0.5 -0.4

Aug-09 -0.2 -0.4 -0.2 -0.1 Sep-09 0.6 0.9 1.1 1.2 Oct-09 0.1 0.4 0.5 0.4 Nov-09 0.2 0.0 0.2 0.2 Dec-09 0.6 0.6 0.0 0.0 Jan-10 1.7 1.4 0.8 0.6 Feb-10 0.6 0.5 -0.7 -0.9 Mar-10 1.3 1.4 1.0 0.9 Apr-10 1.0 0.7 0.5 0.3 May-10 1.1 1.0 -0.7 -0.9 Jun-10 3.0 2.6 1.9 1.9 Jul-10 2.3 2.4 3.3 3.6

Aug-10 0.4 0.1 0.2 0.3 Sep-10 2.5 2.6 2.7 2.8 Oct-10 -2.7 -2.3 -1.1 -0.8 Nov-10 0.1 -0.1 -0.5 -0.6 Dec-10 4.9 4.8 4.0 3.7

CHEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.5 99.7 102.2 101.3 Q4-07 87.7 88.2 95.4 94.4 Jul-08 -0.5 -0.6 -0.4 -0.5 1999 100.0 100.0 100.0 100.0 Q1-08 90.7 91.7 99.3 98.2 Aug-08 -0.3 -0.3 -1.5 -1.7 2000 102.2 101.0 96.8 96.4 Q2-08 90.1 91.3 99.8 98.8 Sep-08 1.4 1.5 0.4 0.5 2001 103.9 103.2 99.4 98.9 Q3-08 89.6 90.7 98.2 96.8 Oct-08 5.8 5.9 4.2 4.2 2002 105.4 104.8 102.8 102.7 Q4-08 94.6 96.9 101.3 99.6 Nov-08 -0.4 0.3 -1.0 -1.2 2003 100.4 101.3 103.3 103.9 Q1-09 95.6 99.3 103.2 102.2 Dec-08 -2.0 -0.8 0.0 -0.8 2004 97.7 98.4 102.4 103.1 Q2-09 94.6 97.8 102.9 101.8 Jan-09 3.4 3.7 2.9 4.3 2005 96.6 97.2 100.8 100.8 Q3-09 94.3 96.9 102.7 101.8 Feb-09 -0.4 -0.4 -0.9 -0.8 2006 94.0 94.4 98.6 97.9 Q4-09 95.0 98.0 104.1 103.1 Mar-09 -1.7 -1.3 -0.4 -0.6 2007 88.8 89.0 95.1 94.2 Q1-10 97.8 100.3 104.6 103.1 Apr-09 0.2 -0.2 0.0 -0.2 2008 91.2 92.6 99.2 97.9 Q2-10 101.2 103.3 105.6 103.5 May-09 0.2 -0.2 0.4 0.5 2009 94.9 97.9 102.8 101.7 Q3-10 106.3 108.1 110.4 108.4 Jun-09 -0.2 -0.4 0.3 0.4 2010 102.9 104.9 107.6 105.7 Q4-10 106.6 108.6 111.9 110.0 Jul-09 -0.1 -0.3 -0.5 -0.5

Aug-09 -0.4 -0.6 -0.3 -0.2 Sep-09 0.4 0.7 0.7 0.9 Oct-09 0.6 0.9 1.0 0.9 Nov-09 0.1 -0.1 0.0 0.0 Dec-09 -0.1 -0.1 -0.5 -0.6 Jan-10 2.7 2.2 1.3 1.1 Feb-10 0.2 0.0 -1.0 -1.2 Mar-10 0.6 0.8 0.5 0.4 Apr-10 1.6 1.2 1.1 0.9 May-10 0.7 0.6 -1.1 -1.3 Jun-10 2.7 2.4 1.6 1.5 Jul-10 2.2 2.2 3.1 3.2

Aug-10 0.1 -0.1 0.0 0.1 Sep-10 2.1 2.2 2.3 2.4 Oct-10 -2.4 -2.0 -0.8 -0.6 Nov-10 -0.1 -0.3 -0.7 -0.8 Dec-10 4.1 4.0 3.4 3.1


Switzerland - CHF






2 - 59

90

100

110

120

130

140

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Switzerland - NEER

85

90

95

100

105

110

115

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Switzerland - REER (HICP/CPI)

CH vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 99.5 99.8 102.1 Q4-07 90.6 89.8 97.6 1999 100.0 100.0 100.0 Q1-08 94.3 93.9 102.3 2000 102.7 101.4 97.1 Q2-08 93.7 93.6 102.9 2001 104.3 103.3 99.8 Q3-08 93.7 93.4 101.8 2002 105.4 104.3 102.9 Q4-08 98.7 99.6 104.6 2003 100.7 100.9 103.7 Q1-09 100.2 102.7 107.1 2004 98.1 97.9 102.6 Q2-09 98.9 100.8 106.4 2005 96.2 95.8 100.0 Q3-09 98.4 99.9 106.4 2006 95.1 94.4 99.1 Q4-09 99.3 101.1 107.8 2007 91.2 90.2 97.0 Q1-10 102.7 104.0 108.8 2008 95.0 95.0 102.4 Q2-10 107.1 107.8 110.4 2009 99.2 101.0 106.4 Q3-10 113.7 114.0 116.7 2010 109.4 110.1 113.1 Q4-10 114.7 115.3 119.0


1998 99.4 99.8 101.5 Q4-07 95.2 95.2 101.2 1999 100.0 100.0 100.0 Q1-08 98.1 98.5 104.7 2000 102.0 101.0 97.5 Q2-08 97.0 97.4 104.5 2001 104.7 104.1 100.8 Q3-08 97.1 97.0 103.5 2002 105.4 104.9 103.5 Q4-08 103.3 104.2 107.5 2003 103.6 103.9 106.3 Q1-09 106.0 108.3 111.6 2004 101.6 101.8 105.5 Q2-09 105.5 107.1 112.2 2005 100.0 100.2 103.2 Q3-09 105.1 106.2 112.6 2006 98.5 98.5 101.8 Q4-09 105.1 106.7 113.5 2007 96.3 96.2 101.4 Q1-10 107.3 108.5 113.4 2008 98.8 99.2 104.6 Q2-10 110.3 111.2 113.6 2009 105.4 107.0 112.1 Q3-10 115.9 116.6 119.0 2010 112.3 113.3 116.2 Q4-10 116.3 117.3 120.7


1998 99.5 99.8 102.2 Q4-07 94.6 93.0 102.1 1999 100.0 100.0 100.0 Q1-08 98.2 97.2 106.8 2000 102.4 100.8 96.6 Q2-08 97.4 96.7 107.4 2001 108.1 106.4 103.0 Q3-08 97.2 96.5 106.5 2002 111.4 109.8 109.0 Q4-08 102.6 103.0 109.8 2003 105.7 105.5 109.4 Q1-09 104.4 106.5 113.1 2004 101.0 100.6 106.4 Q2-09 103.6 105.1 113.3 2005 100.9 100.0 105.5 Q3-09 104.0 105.0 114.5 2006 99.2 97.9 103.8 Q4-09 106.1 107.5 117.4 2007 95.3 93.5 101.4 Q1-10 111.0 111.9 120.1 2008 98.8 98.2 107.1 Q2-10 116.9 117.3 123.1 2009 104.5 105.9 114.0 Q3-10 125.2 125.2 131.3 2010 119.9 120.1 126.5 Q4-10 127.1 127.3 134.7


1998 98.6 98.5 100.7 Q4-07 107.1 106.8 119.1 1999 100.0 100.0 100.0 Q1-08 110.5 111.0 124.0 2000 105.2 103.6 99.0 Q2-08 108.5 109.6 123.9 2001 111.8 110.3 105.5 Q3-08 106.8 108.0 121.7 2002 115.8 114.5 113.0 Q4-08 110.8 113.7 124.3 2003 111.8 112.3 116.1 Q1-09 111.0 115.9 126.8 2004 108.7 109.4 116.7 Q2-09 108.7 113.1 126.1 2005 110.7 110.7 118.3 Q3-09 108.4 112.3 126.9 2006 110.8 110.7 118.6 Q4-09 110.4 114.8 130.1 2007 108.1 107.3 118.2 Q1-10 115.9 119.8 133.2 2008 109.1 110.4 122.8 Q2-10 122.6 126.1 136.9 2009 109.6 113.9 126.7 Q3-10 131.7 134.9 146.2 2010 125.7 129.2 140.6 Q4-10 133.8 137.3 150.1


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 60

(index 1999 = 100) (index 1999 = 100)


85

90

95

100

105

110

115

120

95 97 99 01 03 05 07 09


Switzerland - REER (PGDP)

90

95

100

105

110

115

120

95 97 99 01 03 05 07 09


Switzerland - REER (PX)

90

100

110

120

130

140

95 97 99 01 03 05 07 09


Switzerland - REER (ULCE)

90

100

110

120

130

140

150

95 97 99 01 03 05 07 09


Switzerland - REER (ULCM)

top

NO vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 99.0 99.3 100.6 99.2 Q4-07 105.4 107.7 112.7 113.4 Jul-08 -0.7 -0.7 -0.5 -0.5 1999 100.0 100.0 100.0 100.0 Q1-08 104.4 108.7 113.9 114.7 Aug-08 1.0 1.0 0.3 0.0 2000 102.5 100.3 97.4 97.1 Q2-08 104.6 110.1 116.1 117.1 Sep-08 -2.3 -1.9 -2.6 -2.6 2001 103.3 102.3 99.5 99.3 Q3-08 103.0 108.5 113.8 114.6 Oct-08 -5.1 -5.2 -6.2 -6.2 2002 110.8 109.9 108.3 108.4 Q4-08 93.0 100.1 102.7 103.5 Nov-08 -2.4 -0.7 -1.6 -1.7 2003 104.0 105.7 107.0 107.9 Q1-09 92.8 103.0 105.1 106.2 Dec-08 -6.3 -3.7 -3.3 -2.4 2004 99.4 100.5 103.3 104.4 Q2-09 93.9 103.2 106.1 107.1 Jan-09 2.1 2.8 2.4 1.9 2005 103.8 105.1 107.8 108.6 Q3-09 95.1 103.8 107.3 108.5 Feb-09 4.9 4.3 3.9 4.0 2006 103.3 104.5 107.4 107.9 Q4-09 98.9 109.0 112.9 114.2 Mar-09 -0.7 0.4 0.9 0.8 2007 103.6 104.8 109.1 109.7 Q1-10 102.4 112.0 114.6 115.6 Apr-09 0.6 -0.3 -0.1 -0.2 2008 101.1 106.6 111.2 112.1 Q2-10 105.0 113.3 114.4 114.9 May-09 -0.1 -0.7 -0.3 -0.3 2009 95.1 104.5 107.5 108.7 Q3-10 104.3 111.8 112.9 113.6 Jun-09 -1.6 -2.3 -1.8 -1.7 2010 103.7 111.9 113.4 114.2 Q4-10 103.1 111.2 113.0 113.9 Jul-09 -0.1 -0.1 -0.1 -0.1

Aug-09 3.3 3.0 3.1 3.2 Sep-09 0.7 1.6 1.7 1.7 Oct-09 2.8 3.7 3.7 3.7 Nov-09 -0.6 -1.1 -1.0 -1.0 Dec-09 0.1 0.2 -0.2 -0.2 Jan-10 2.7 2.1 1.7 1.5 Feb-10 1.1 0.7 0.0 -0.2 Mar-10 0.7 1.3 1.0 0.8 Apr-10 1.3 0.5 0.3 0.2 May-10 0.5 0.1 -0.9 -1.1 Jun-10 -0.2 -1.1 -1.6 -1.6 Jul-10 -1.4 -1.2 -0.6 -0.4

Aug-10 1.1 0.6 0.7 0.8 Sep-10 0.2 0.6 0.7 0.7 Oct-10 -2.4 -1.3 -0.5 -0.3 Nov-10 -0.4 -1.1 -1.3 -1.3 Dec-10 3.1 2.7 2.2 2.0

NOEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 98.1 98.5 100.1 99.4 Q4-07 101.9 105.1 109.1 108.0 Jul-08 0.0 0.0 0.1 0.0 1999 100.0 100.0 100.0 100.0 Q1-08 101.1 106.2 110.3 109.3 Aug-08 1.1 0.9 0.3 0.1 2000 103.3 101.3 98.1 97.7 Q2-08 100.6 106.6 111.4 110.4 Sep-08 -1.0 -0.8 -1.5 -1.5 2001 104.2 103.7 100.3 99.8 Q3-08 100.0 105.8 109.9 108.7 Oct-08 -4.8 -4.8 -5.8 -5.8 2002 110.1 110.1 107.9 107.6 Q4-08 91.2 98.5 100.2 99.2 Nov-08 -2.6 -1.1 -1.8 -2.0 2003 103.4 105.9 106.6 106.8 Q1-09 91.3 101.6 102.9 101.9 Dec-08 -6.5 -3.8 -3.3 -2.3 2004 97.5 99.6 101.7 102.0 Q2-09 92.8 102.0 104.1 103.1 Jan-09 2.4 3.0 2.4 1.9 2005 101.3 103.7 105.4 105.2 Q3-09 94.3 102.7 105.3 104.4 Feb-09 5.2 4.6 4.3 4.4 2006 101.3 103.5 105.4 104.6 Q4-09 98.4 108.0 111.0 110.0 Mar-09 -0.8 0.2 0.7 0.6 2007 100.3 102.3 105.5 104.6 Q1-10 103.0 111.9 113.7 112.1 Apr-09 0.7 -0.2 0.0 -0.1 2008 98.1 104.1 107.6 106.5 Q2-10 105.1 112.8 113.1 111.1 May-09 0.2 -0.6 -0.3 -0.2 2009 94.2 103.4 105.5 104.5 Q3-10 103.7 110.2 110.6 108.7 Jun-09 -1.1 -1.8 -1.4 -1.4 2010 103.7 111.0 111.7 109.9 Q4-10 102.8 109.9 110.9 109.2 Jul-09 0.0 -0.3 -0.4 -0.4

Aug-09 2.6 2.3 2.5 2.6 Sep-09 1.8 2.6 2.7 2.8 Oct-09 2.4 3.2 3.3 3.2 Nov-09 -0.3 -0.9 -0.7 -0.8 Dec-09 0.0 0.0 -0.3 -0.3 Jan-10 3.3 2.4 1.9 1.6 Feb-10 1.9 1.6 1.0 0.8 Mar-10 0.4 1.1 0.9 0.8 Apr-10 1.2 0.3 0.2 0.1 May-10 -0.1 -0.6 -1.6 -1.7 Jun-10 -0.2 -1.2 -1.7 -1.7 Jul-10 -1.7 -1.5 -1.0 -0.9

Aug-10 0.3 -0.2 0.0 0.0 Sep-10 0.8 1.1 1.2 1.3 Oct-10 -2.5 -1.4 -0.7 -0.5 Nov-10 -0.3 -1.0 -1.2 -1.3 Dec-10 3.8 3.4 3.0 2.8

2 - 61


monthly % change




Norway - NOK



80

90

100

110

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Norway - NEER

80

90

100

110

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Norway - REER (HICP/CPI)

NO vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 93.8 94.4 95.8 Q4-07 140.3 140.9 146.8 1999 100.0 100.0 100.0 Q1-08 143.6 146.6 152.9 2000 116.6 114.1 110.5 Q2-08 147.4 151.8 159.4 2001 116.6 115.5 112.1 Q3-08 145.7 150.1 156.8 2002 119.8 118.8 117.0 Q4-08 129.4 136.2 139.1 2003 113.7 115.1 116.5 Q1-09 126.0 136.7 138.9 2004 112.6 113.2 116.2 Q2-09 124.7 133.8 136.9 2005 125.5 126.2 129.0 Q3-09 125.1 133.2 137.1 2006 133.4 133.3 136.4 Q4-09 131.1 140.6 145.0 2007 134.0 133.5 138.4 Q1-10 138.1 146.5 149.3 2008 141.3 145.8 151.4 Q2-10 144.1 150.7 151.5 2009 126.7 135.7 139.0 Q3-10 145.2 150.3 151.3 2010 142.8 149.1 150.5 Q4-10 144.3 150.3 152.1


1998 88.8 89.3 90.3 Q4-07 191.2 193.3 199.3 1999 100.0 100.0 100.0 Q1-08 200.2 204.7 211.2 2000 134.8 132.5 129.0 Q2-08 208.9 214.0 222.3 2001 131.9 131.3 127.7 Q3-08 206.8 210.3 217.6 2002 127.9 127.3 125.5 Q4-08 180.8 186.8 189.3 2003 124.3 125.6 126.9 Q1-09 171.7 181.7 183.9 2004 133.0 134.1 136.8 Q2-09 165.2 172.4 176.3 2005 159.4 161.3 163.8 Q3-09 161.8 167.6 172.7 2006 178.8 180.3 183.3 Q4-09 166.7 174.5 180.2 2007 179.2 180.5 185.5 Q1-10 173.6 180.4 184.3 2008 198.8 203.5 209.4 Q2-10 179.9 185.1 186.4 2009 166.3 173.8 177.9 Q3-10 180.5 184.5 185.8 2010 178.1 183.4 185.5 Q4-10 178.9 184.3 186.5


1998 95.8 96.3 97.7 Q4-07 128.0 126.5 132.4 1999 100.0 100.0 100.0 Q1-08 128.7 129.6 135.8 2000 103.4 100.4 97.3 Q2-08 130.4 132.8 140.1 2001 105.6 103.3 100.3 Q3-08 129.1 131.7 138.4 2002 114.2 112.0 110.7 Q4-08 116.6 121.5 125.0 2003 106.9 107.2 109.1 Q1-09 116.2 124.7 127.9 2004 102.4 102.1 105.4 Q2-09 117.2 124.3 128.7 2005 109.2 108.6 111.6 Q3-09 118.5 124.7 130.0 2006 115.3 113.7 116.8 Q4-09 123.5 131.0 136.8 2007 123.0 120.3 125.2 Q1-10 128.3 134.8 139.1 2008 126.1 128.6 134.3 Q2-10 132.0 136.8 139.3 2009 118.8 125.9 130.4 Q3-10 131.9 135.6 138.0 2010 130.8 135.4 138.3 Q4-10 131.0 135.6 138.8


1998 96.7 96.7 97.9 Q4-07 128.8 129.9 137.1 1999 100.0 100.0 100.0 Q1-08 127.3 131.4 138.9 2000 107.1 104.3 100.8 Q2-08 126.7 132.9 141.4 2001 109.2 107.2 103.3 Q3-08 123.4 130.0 138.0 2002 119.5 117.8 115.9 Q4-08 109.9 118.5 123.5 2003 107.2 108.5 110.1 Q1-09 108.2 120.2 125.3 2004 101.1 102.6 106.4 Q2-09 108.3 119.0 125.5 2005 108.2 109.1 113.0 Q3-09 109.0 118.9 126.4 2006 118.1 118.6 122.7 Q4-09 113.6 124.8 133.0 2007 125.8 125.2 131.4 Q1-10 118.2 128.6 135.4 2008 121.6 127.8 134.8 Q2-10 121.9 130.9 135.8 2009 109.7 120.4 127.1 Q3-10 122.0 129.9 134.7 2010 120.8 129.5 134.9 Q4-10 121.3 130.0 135.5

(index 1999 = 100) (index 1999 = 100)

2 - 62

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)



80

90

100

110

120

130

140

150

160

170

95 97 99 01 03 05 07 09


Norway - REER (PGDP)

80

100

120

140

160

180

200

220

240

95 97 99 01 03 05 07 09


Norway - REER (PX)

80

90

100

110

120

130

140

150

95 97 99 01 03 05 07 09


Norway - REER (ULCE)

80

90

100

110

120

130

140

150

95 97 99 01 03 05 07 09


Norway - REER (ULCM)

top

TR vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 152.9 151.8 154.0 145.5 Q4-07 25.7 26.1 27.4 28.0 Jul-08 0.4 0.2 0.4 0.5 1999 100.0 100.0 100.0 100.0 Q1-08 24.6 25.2 26.4 27.1 Aug-08 8.3 8.3 7.6 7.2 2000 77.3 76.5 74.3 74.0 Q2-08 22.5 23.2 24.4 25.1 Sep-08 -1.0 -0.7 -1.4 -1.4 2001 41.5 41.4 40.1 40.0 Q3-08 24.4 25.0 26.3 26.9 Oct-08 -9.2 -8.9 -10.0 -10.2 2002 31.3 31.2 30.6 30.8 Q4-08 21.9 22.8 23.4 23.9 Nov-08 -3.5 -2.6 -3.5 -3.7 2003 26.2 26.7 26.9 27.4 Q1-09 20.5 21.9 22.3 23.1 Dec-08 -2.5 -1.0 -0.6 0.5 2004 25.1 25.5 26.0 26.7 Q2-09 20.7 22.0 22.6 23.4 Jan-09 -1.8 -1.0 -1.4 -1.0 2005 26.5 26.9 27.4 28.0 Q3-09 20.7 21.8 22.6 23.5 Feb-09 -0.2 -0.2 -0.6 -0.1 2006 24.7 25.0 25.6 26.0 Q4-09 20.1 21.3 22.1 22.9 Mar-09 -4.7 -4.3 -3.8 -4.0 2007 24.9 25.1 26.1 26.6 Q1-10 21.3 22.4 23.0 23.7 Apr-09 5.0 4.4 4.5 4.3 2008 23.3 24.0 25.0 25.6 Q2-10 22.7 23.8 24.1 24.6 May-09 0.1 -0.2 0.2 0.2 2009 20.5 21.8 22.3 23.1 Q3-10 22.7 23.7 24.0 24.6 Jun-09 -2.0 -2.2 -1.8 -1.7 2010 22.2 23.3 23.6 24.2 Q4-10 22.3 23.4 23.8 24.5 Jul-09 1.4 1.2 1.2 1.5

Aug-09 0.7 0.4 0.6 0.8 Sep-09 -2.2 -1.8 -1.7 -1.7 Oct-09 -0.5 -0.1 -0.1 -0.3 Nov-09 -2.0 -2.2 -2.1 -2.1 Dec-09 1.2 1.1 0.8 0.8 Jan-10 4.7 4.2 3.9 3.5 Feb-10 1.3 1.1 0.4 0.1 Mar-10 -0.3 -0.2 -0.4 -0.7 Apr-10 4.2 3.8 3.7 3.4 May-10 2.7 2.7 1.7 1.2 Jun-10 0.9 0.6 0.1 0.1 Jul-10 -2.0 -1.9 -1.4 -1.0

Aug-10 1.0 0.7 0.7 0.8 Sep-10 -0.2 0.0 0.0 0.2 Oct-10 -1.4 -0.9 -0.1 0.4 Nov-10 0.4 0.2 -0.1 -0.1 Dec-10 -2.2 -2.3 -2.8 -3.3

TREA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 95.9 96.0 97.4 95.5 Q4-07 139.6 139.3 146.4 142.5 Jul-08 1.1 0.8 1.0 0.9 1999 100.0 100.0 100.0 100.0 Q1-08 136.1 137.0 144.0 140.0 Aug-08 8.1 8.1 7.4 7.0 2000 115.8 114.2 110.8 109.7 Q2-08 127.4 128.5 135.8 132.2 Sep-08 -0.7 -0.5 -1.1 -1.1 2001 95.2 94.2 91.3 89.9 Q3-08 138.4 139.2 146.4 141.8 Oct-08 -6.8 -6.6 -7.6 -7.9 2002 103.0 102.1 100.2 99.0 Q4-08 128.7 131.2 135.2 130.5 Nov-08 -2.2 -1.4 -2.1 -2.5 2003 106.1 107.3 108.2 107.6 Q1-09 121.9 126.8 129.9 126.7 Dec-08 -2.8 -1.3 -0.8 0.3 2004 109.3 110.3 112.7 112.2 Q2-09 123.5 127.6 131.7 128.2 Jan-09 -0.7 -0.2 -0.7 -0.5 2005 122.5 123.0 125.5 123.8 Q3-09 124.2 127.5 132.3 129.0 Feb-09 -1.1 -1.1 -1.4 -1.0 2006 122.0 122.1 125.0 122.1 Q4-09 124.7 128.6 133.6 130.1 Mar-09 -4.0 -3.6 -3.1 -3.3 2007 130.9 130.4 135.7 132.1 Q1-10 136.6 139.7 143.6 138.5 Apr-09 4.7 4.0 4.2 4.0 2008 131.3 132.7 138.4 134.2 Q2-10 145.4 148.0 150.4 143.7 May-09 0.8 0.3 0.7 0.7 2009 122.4 126.4 130.1 126.7 Q3-10 145.2 147.2 149.4 143.0 Jun-09 -2.0 -2.3 -1.9 -1.8 2010 141.7 144.3 146.5 140.5 Q4-10 145.5 147.8 150.9 145.0 Jul-09 2.4 2.0 2.0 2.0

Aug-09 0.0 -0.2 0.0 0.3 Sep-09 -1.8 -1.4 -1.4 -1.3 Oct-09 1.7 2.1 2.2 2.0 Nov-09 -0.8 -1.1 -1.0 -1.1 Dec-09 1.4 1.4 1.1 1.1 Jan-10 7.4 6.7 6.2 5.6 Feb-10 2.3 2.1 1.5 1.1 Mar-10 -0.7 -0.4 -0.6 -0.9 Apr-10 4.4 4.0 4.0 3.6 May-10 2.2 2.2 1.2 0.7 Jun-10 0.4 0.0 -0.4 -0.5 Jul-10 -2.1 -2.1 -1.7 -1.4

Aug-10 1.1 0.8 0.9 1.0 Sep-10 0.8 0.9 1.0 1.2 Oct-10 0.1 0.6 1.4 1.9 Nov-10 0.4 0.0 -0.1 -0.3 Dec-10 -3.1 -3.2 -3.7 -4.1


Turkey - TRY






2 - 63

0

100

200

300

400

500

600

700

800

900

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Turkey - NEER

70

80

90

100

110

120

130

140

150

160

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Turkey - REER (HICP/CPI)

TR vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 100.2 100.4 101.8 Q4-07 122.4 119.7 126.0 1999 100.0 100.0 100.0 Q1-08 120.7 118.9 125.2 2000 113.8 112.0 108.7 Q2-08 113.7 112.1 118.7 2001 91.2 90.0 87.3 Q3-08 125.2 123.1 129.8 2002 92.0 90.8 89.4 Q4-08 113.1 113.0 116.4 2003 93.2 93.5 94.6 Q1-09 106.5 108.7 111.3 2004 98.4 98.2 100.7 Q2-09 108.2 109.7 113.3 2005 109.5 108.5 111.1 Q3-09 109.6 110.6 114.8 2006 109.5 107.9 110.7 Q4-09 109.4 110.7 115.0 2007 114.6 111.9 116.7 Q1-10 119.0 119.5 122.8 2008 118.0 116.6 121.8 Q2-10 130.5 130.2 132.1 2009 108.3 109.8 113.0 Q3-10 133.4 132.6 134.4 2010 128.7 128.4 130.4 Q4-10 132.9 132.3 134.9


1998 100.1 100.5 101.6 Q4-07 116.9 116.2 120.5 1999 100.0 100.0 100.0 Q1-08 117.3 117.1 121.4 2000 105.6 104.4 101.7 Q2-08 112.6 112.2 117.0 2001 106.5 105.7 102.9 Q3-08 125.4 124.2 129.2 2002 100.8 100.1 98.7 Q4-08 113.9 114.1 116.2 2003 94.8 95.1 96.1 Q1-09 107.3 109.4 111.2 2004 101.6 101.7 103.7 Q2-09 108.9 110.2 113.2 2005 104.8 104.8 106.4 Q3-09 110.5 111.2 115.1 2006 108.0 107.6 109.4 Q4-09 110.7 112.1 116.1 2007 109.1 108.5 111.6 Q1-10 121.1 122.0 125.1 2008 117.1 116.8 120.4 Q2-10 133.6 134.0 135.8 2009 109.2 110.7 113.5 Q3-10 137.0 137.2 138.8 2010 131.8 132.5 134.2 Q4-10 136.5 137.2 139.5


1998 79.3 79.4 80.4 Q4-07 97.8 95.0 100.2 1999 100.0 100.0 100.0 Q1-08 94.8 92.8 98.0 2000 101.5 99.6 96.6 Q2-08 88.3 86.5 91.9 2001 80.9 79.3 76.9 Q3-08 97.1 94.9 100.6 2002 76.6 75.4 74.3 Q4-08 88.6 88.0 91.2 2003 75.8 75.8 77.0 Q1-09 84.6 85.7 88.6 2004 79.0 78.8 81.1 Q2-09 86.7 87.3 91.0 2005 86.3 85.4 87.8 Q3-09 87.5 87.6 92.0 2006 85.2 83.7 86.1 Q4-09 85.8 86.2 90.6 2007 92.2 89.5 93.6 Q1-10 91.0 90.9 94.5 2008 92.1 90.4 94.9 Q2-10 97.4 96.7 99.3 2009 86.1 86.6 90.1 Q3-10 97.9 96.8 99.2 2010 95.7 95.0 97.4 Q4-10 96.6 95.8 98.7


1998 83.0 82.7 83.6 Q4-07 117.5 115.7 124.0 1999 100.0 100.0 100.0 Q1-08 113.2 112.5 120.7 2000 118.9 116.9 113.1 Q2-08 104.3 104.2 112.4 2001 90.4 88.9 85.7 Q3-08 113.3 113.1 122.0 2002 93.1 91.9 90.6 Q4-08 102.0 103.6 109.6 2003 87.8 88.5 89.9 Q1-09 95.9 99.9 105.6 2004 90.4 91.1 94.7 Q2-09 97.2 100.8 107.8 2005 100.7 100.4 104.4 Q3-09 97.5 100.7 108.6 2006 101.0 100.3 104.4 Q4-09 95.5 99.0 106.9 2007 110.9 109.0 115.6 Q1-10 101.6 104.6 111.6 2008 108.1 108.1 115.3 Q2-10 109.2 111.6 117.5 2009 96.5 100.0 106.5 Q3-10 109.9 111.9 117.6 2010 107.2 109.6 115.2 Q4-10 108.6 110.9 117.0


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 64

(index 1999 = 100) (index 1999 = 100)


70

80

90

100

110

120

130

140

95 97 99 01 03 05 07 09


Turkey - REER (PGDP)

80

90

100

110

120

130

140

95 97 99 01 03 05 07 09


Turkey - REER (PX)

60

70

80

90

100

110

120

95 97 99 01 03 05 07 09


Turkey - REER (ULCE)

60

80

100

120

140

95 97 99 01 03 05 07 09


Turkey - REER (ULCM)

top

CAEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 95.9 96.2 100.3 100.0 Q4-07 111.3 112.8 147.0 146.4 Jul-08 -1.1 -1.1 0.1 0.0 1999 100.0 100.0 100.0 100.0 Q1-08 105.3 108.0 142.9 142.7 Aug-08 1.4 1.4 -2.9 -3.0 2000 115.6 113.6 101.0 100.9 Q2-08 100.4 103.7 141.1 140.9 Sep-08 3.7 3.9 0.2 0.3 2001 114.3 113.2 97.8 97.8 Q3-08 101.2 104.5 137.9 137.5 Oct-08 -2.9 -3.0 -8.8 -8.7 2002 107.0 106.1 96.2 96.3 Q4-08 99.5 104.3 121.7 121.6 Nov-08 1.0 2.1 -2.6 -2.6 2003 100.2 101.2 106.2 106.5 Q1-09 97.6 104.3 119.0 119.1 Dec-08 -6.4 -4.8 -2.0 -2.0 2004 98.0 98.7 112.9 113.4 Q2-09 99.6 105.8 125.8 125.8 Jan-09 2.1 2.6 1.0 1.2 2005 105.1 105.9 121.1 121.4 Q3-09 100.8 106.6 132.3 132.4 Feb-09 1.8 1.4 -1.0 -1.0 2006 111.2 112.0 129.6 129.5 Q4-09 101.4 107.9 136.5 136.7 Mar-09 -3.2 -2.5 -1.1 -1.2 2007 107.8 108.6 135.6 135.2 Q1-10 109.9 116.3 139.7 139.6 Apr-09 1.7 1.1 2.4 2.3 2008 101.5 105.1 135.3 135.0 Q2-10 121.1 127.2 143.1 142.8 May-09 3.0 2.6 5.7 5.8 2009 99.8 106.1 127.9 127.9 Q3-10 118.0 123.3 140.5 140.3 Jun-09 -0.3 -0.8 1.9 1.9 2010 115.9 121.8 141.1 140.9 Q4-10 115.0 120.7 142.7 142.6 Jul-09 -0.4 -0.4 -0.1 0.0

Aug-09 2.0 1.7 2.9 2.9 Sep-09 -1.5 -0.9 0.2 0.3 Oct-09 0.8 1.4 2.3 2.3 Nov-09 -1.2 -1.5 -0.8 -0.7 Dec-09 2.7 2.7 0.9 0.9 Jan-10 3.4 3.0 1.3 1.3 Feb-10 3.0 2.7 -0.7 -0.8 Mar-10 4.1 4.5 3.3 3.2 Apr-10 3.1 2.5 2.0 1.9 May-10 3.1 2.8 -2.4 -2.5 Jun-10 3.0 2.4 0.4 0.4 Jul-10 -4.9 -4.7 -1.3 -1.2

Aug-10 -0.7 -1.0 -0.1 0.0 Sep-10 -0.7 -0.5 0.3 0.3 Oct-10 -4.5 -3.8 0.6 0.6 Nov-10 2.4 1.9 0.8 0.7 Dec-10 3.7 3.5 0.9 0.8

CAEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 95.4 95.8 100.8 100.5 Q4-07 111.9 114.0 142.4 141.2 Jul-08 -0.7 -0.7 0.0 -0.1 1999 100.0 100.0 100.0 100.0 Q1-08 105.4 108.7 137.4 136.5 Aug-08 1.2 1.1 -2.8 -2.9 2000 116.2 114.4 100.5 100.4 Q2-08 101.1 104.8 135.8 134.9 Sep-08 3.7 3.8 0.4 0.5 2001 114.9 114.1 97.2 97.2 Q3-08 102.5 106.2 132.6 131.5 Oct-08 -3.8 -3.9 -9.1 -8.9 2002 107.6 107.1 96.1 96.3 Q4-08 99.6 104.6 117.8 117.1 Nov-08 1.1 2.2 -1.4 -1.4 2003 101.5 103.1 106.7 107.0 Q1-09 97.9 104.7 115.4 114.8 Dec-08 -7.0 -5.3 -1.9 -1.9 2004 99.2 100.5 112.7 113.1 Q2-09 100.1 106.2 121.9 121.2 Jan-09 2.6 3.0 0.5 0.7 2005 106.5 108.1 119.9 120.0 Q3-09 101.7 107.3 127.6 127.0 Feb-09 1.9 1.4 -0.7 -0.7 2006 112.7 114.2 127.1 126.8 Q4-09 102.2 108.4 131.6 130.9 Mar-09 -3.2 -2.6 -1.2 -1.3 2007 109.3 110.6 132.3 131.5 Q1-10 111.1 117.1 134.7 133.7 Apr-09 1.4 0.8 2.0 1.9 2008 102.1 106.0 130.3 129.4 Q2-10 122.1 127.5 138.1 136.9 May-09 3.8 3.2 6.2 6.3 2009 100.5 106.6 123.6 122.9 Q3-10 119.6 124.2 136.3 135.1 Jun-09 -0.1 -0.6 1.5 1.6 2010 117.2 122.4 136.5 135.3 Q4-10 116.4 121.4 138.6 137.4 Jul-09 -0.1 -0.2 -0.2 -0.3

Aug-09 1.5 1.3 2.7 2.7 Sep-09 -1.3 -0.8 0.2 0.2 Oct-09 0.6 1.2 2.1 2.0 Nov-09 -0.7 -1.0 -0.3 -0.3 Dec-09 2.0 2.0 0.6 0.6 Jan-10 4.5 3.8 1.4 1.3 Feb-10 2.9 2.6 -0.4 -0.5 Mar-10 3.2 3.7 2.8 2.8 Apr-10 3.2 2.6 2.2 2.1 May-10 3.3 3.0 -2.2 -2.3 Jun-10 3.0 2.3 0.4 0.4 Jul-10 -4.0 -3.9 -0.8 -0.7

Aug-10 -1.1 -1.4 -0.3 -0.3 Sep-10 -0.7 -0.5 0.4 0.4 Oct-10 -4.4 -3.6 0.8 0.8 Nov-10 2.4 1.9 0.8 0.7 Dec-10 3.1 2.8 0.7 0.6

2 - 65


monthly % change




Canada - CAD



80

100

120

140

160

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Canada - NEER

80

100

120

140

160

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Canada - REER (HICP/CPI)

CA vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 95.2 95.8 100.2 Q4-07 119.9 119.6 151.4 1999 100.0 100.0 100.0 Q1-08 114.5 115.4 148.2 2000 118.8 116.6 102.9 Q2-08 109.8 111.3 146.9 2001 115.9 114.6 98.6 Q3-08 110.5 112.0 143.2 2002 107.0 105.8 96.4 Q4-08 107.9 110.9 125.5 2003 101.5 102.0 107.6 Q1-09 104.7 109.8 121.3 2004 100.9 100.8 114.9 Q2-09 105.8 110.0 126.9 2005 109.9 109.8 123.7 Q3-09 106.2 110.0 132.3 2006 117.2 116.7 131.7 Q4-09 106.5 110.8 135.7 2007 114.8 113.9 138.4 Q1-10 115.3 119.1 138.4 2008 110.6 112.3 140.3 Q2-10 127.2 130.2 141.7 2009 105.7 110.0 128.6 Q3-10 123.9 126.0 139.1 2010 121.6 124.5 139.8 Q4-10 120.7 123.3 141.4


1998 94.4 94.9 98.5 Q4-07 115.4 116.3 141.0 1999 100.0 100.0 100.0 Q1-08 112.4 114.1 140.1 2000 118.3 116.6 105.3 Q2-08 109.6 111.4 140.8 2001 117.4 116.7 103.5 Q3-08 111.1 112.3 138.3 2002 108.2 107.7 100.3 Q4-08 107.8 110.2 121.2 2003 101.6 102.3 107.4 Q1-09 103.2 107.2 116.6 2004 100.7 101.3 113.0 Q2-09 102.3 105.3 120.7 2005 108.7 109.6 120.5 Q3-09 100.8 103.2 124.1 2006 112.6 113.2 124.8 Q4-09 99.3 102.4 125.6 2007 108.5 109.1 127.8 Q1-10 106.1 108.9 126.4 2008 110.2 111.9 134.6 Q2-10 116.1 118.4 128.2 2009 101.3 104.5 121.4 Q3-10 113.2 114.9 125.6 2010 111.6 113.8 126.9 Q4-10 111.2 113.5 128.3


1998 97.1 97.7 102.0 Q4-07 121.9 120.2 152.4 1999 100.0 100.0 100.0 Q1-08 115.6 115.4 148.6 2000 116.9 114.1 99.8 Q2-08 110.3 111.0 147.5 2001 115.1 112.7 96.5 Q3-08 111.0 111.7 144.9 2002 106.7 104.6 95.5 Q4-08 108.7 111.0 128.8 2003 100.7 100.4 106.1 Q1-09 106.2 110.4 126.7 2004 100.0 99.3 114.1 Q2-09 107.8 111.3 134.6 2005 109.0 108.1 123.2 Q3-09 108.8 111.7 141.7 2006 118.9 117.2 133.1 Q4-09 109.3 112.8 146.1 2007 117.4 115.1 140.1 Q1-10 118.4 121.5 149.1 2008 111.4 112.2 141.9 Q2-10 130.7 132.9 152.5 2009 108.0 111.5 136.7 Q3-10 127.6 129.0 149.8 2010 125.3 127.4 150.6 Q4-10 124.6 126.6 152.6


1998 97.5 97.8 100.5 Q4-07 139.0 139.3 202.2 1999 100.0 100.0 100.0 Q1-08 130.9 133.3 196.1 2000 113.5 111.0 95.9 Q2-08 123.7 127.2 193.3 2001 117.1 115.1 96.4 Q3-08 122.7 126.5 188.9 2002 110.7 109.0 101.5 Q4-08 118.3 123.9 167.5 2003 107.4 107.9 117.3 Q1-09 113.8 121.4 164.7 2004 107.7 108.4 135.5 Q2-09 114.2 120.9 175.0 2005 119.5 119.9 151.4 Q3-09 114.4 120.5 184.4 2006 132.9 132.9 168.0 Q4-09 114.8 121.6 190.1 2007 134.0 133.2 185.2 Q1-10 124.8 131.3 194.0 2008 123.9 127.7 185.5 Q2-10 138.3 144.2 198.3 2009 114.4 121.1 177.8 Q3-10 135.3 140.3 194.8 2010 132.6 138.3 195.8 Q4-10 132.3 137.8 198.5

(index 1999 = 100) (index 1999 = 100)

2 - 66

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)



80

100

120

140

160

95 97 99 01 03 05 07 09


Canada - REER (PGDP)

80

100

120

140

160

95 97 99 01 03 05 07 09


Canada - REER (PX)

80

100

120

140

160

95 97 99 01 03 05 07 09


Canada - REER (ULCE)

80

100

120

140

160

180

200

220

95 97 99 01 03 05 07 09


Canada - REER (ULCM)

top

AUEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 93.3 93.5 100.2 100.0 Q4-07 101.3 102.7 122.5 121.4 Jul-08 -0.3 -0.3 0.6 0.5 1999 100.0 100.0 100.0 100.0 Q1-08 99.9 102.2 120.6 120.5 Aug-08 -3.4 -3.4 -5.5 -6.0 2000 104.0 102.3 93.2 92.3 Q2-08 99.8 102.7 123.9 124.4 Sep-08 -3.3 -3.1 -6.3 -5.7 2001 95.4 94.6 88.5 87.8 Q3-08 97.4 100.2 119.7 119.3 Oct-08 -9.4 -9.4 -14.8 -13.8 2002 95.2 94.6 92.2 91.5 Q4-08 84.2 87.8 93.3 94.8 Nov-08 -0.1 0.9 -3.1 -2.9 2003 95.1 96.2 100.3 101.4 Q1-09 84.0 89.1 92.8 94.9 Dec-08 -3.5 -2.0 -1.5 -0.7 2004 97.9 98.6 105.9 108.3 Q2-09 92.1 97.1 105.1 106.6 Jan-09 2.3 2.7 1.3 1.5 2005 101.3 102.1 109.6 110.6 Q3-09 96.2 101.1 110.7 113.2 Feb-09 -0.4 -0.7 -1.5 -1.6 2006 99.2 99.9 110.8 109.7 Q4-09 101.6 107.4 117.3 120.2 Mar-09 0.6 1.2 4.2 3.7 2007 101.0 101.8 119.1 117.5 Q1-10 107.9 113.4 119.5 121.3 Apr-09 5.9 5.4 6.2 5.5 2008 95.1 98.0 113.0 113.5 Q2-10 114.6 119.7 120.6 121.2 May-09 3.8 3.4 4.6 4.7 2009 93.3 98.4 105.4 107.5 Q3-10 115.6 120.2 119.2 121.0 Jun-09 2.1 1.7 3.3 3.8 2010 114.4 119.5 120.5 122.1 Q4-10 120.0 125.3 125.9 128.4 Jul-09 -0.2 -0.3 -0.8 -0.4

Aug-09 2.5 2.3 3.0 3.0 Sep-09 1.0 1.5 1.0 1.5 Oct-09 3.4 3.9 4.0 3.9 Nov-09 0.7 0.5 0.6 0.8 Dec-09 0.2 0.3 -0.8 -1.0 Jan-10 3.6 3.2 2.3 1.7 Feb-10 1.2 1.0 -1.7 -1.9 Mar-10 3.7 4.0 3.3 2.9 Apr-10 2.9 2.4 2.8 2.2 May-10 0.2 -0.1 -4.3 -4.5 Jun-10 0.9 0.3 -1.6 -1.4 Jul-10 -1.9 -1.7 -0.5 0.3

Aug-10 1.7 1.5 1.3 1.6 Sep-10 2.8 3.0 3.2 3.2 Oct-10 -1.6 -0.9 1.4 1.9 Nov-10 2.6 2.2 1.4 1.2 Dec-10 3.8 3.6 2.0 1.6

AUEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 93.0 93.3 100.2 100.0 Q4-07 110.3 112.2 139.7 134.9 Jul-08 0.2 0.2 0.9 0.4 1999 100.0 100.0 100.0 100.0 Q1-08 109.4 112.3 138.6 134.2 Aug-08 -3.1 -3.2 -5.3 -5.7 2000 106.3 104.8 95.7 94.8 Q2-08 109.2 112.8 142.5 138.6 Sep-08 -3.5 -3.3 -6.4 -5.6 2001 99.3 98.8 93.4 92.4 Q3-08 107.4 110.7 138.0 133.2 Oct-08 -9.5 -9.5 -14.8 -13.8 2002 99.9 99.6 98.9 97.9 Q4-08 93.0 97.0 108.2 106.4 Nov-08 0.2 1.1 -2.5 -2.5 2003 100.6 102.1 109.0 109.6 Q1-09 93.3 98.9 108.5 107.2 Dec-08 -3.5 -1.9 -1.2 -0.3 2004 103.8 105.2 116.1 117.5 Q2-09 102.0 107.5 122.7 120.3 Jan-09 3.2 3.5 1.7 1.8 2005 108.1 109.6 121.5 120.9 Q3-09 107.9 113.1 130.4 128.6 Feb-09 -1.0 -1.3 -1.7 -1.6 2006 107.5 108.8 125.0 121.8 Q4-09 114.2 120.2 138.8 137.0 Mar-09 0.5 1.1 4.0 3.4 2007 109.8 111.0 135.3 130.5 Q1-10 122.1 127.7 142.6 139.0 Apr-09 5.8 5.2 6.2 5.5 2008 104.5 107.9 130.4 126.8 Q2-10 129.2 134.2 143.9 138.8 May-09 4.0 3.5 4.8 5.0 2009 104.1 109.6 123.9 121.9 Q3-10 131.3 135.7 143.2 139.0 Jun-09 2.3 1.9 3.5 3.9 2010 129.5 134.5 144.3 139.8 Q4-10 136.0 141.0 150.9 146.6 Jul-09 0.8 0.7 -0.1 -0.2

Aug-09 2.3 2.2 3.0 3.2 Sep-09 1.3 1.8 1.2 1.7 Oct-09 3.4 3.9 4.2 4.0 Nov-09 0.9 0.6 0.8 0.8 Dec-09 0.2 0.2 -0.5 -0.9 Jan-10 4.7 4.1 2.8 2.1 Feb-10 1.0 0.8 -1.6 -1.9 Mar-10 3.1 3.5 3.1 2.8 Apr-10 2.8 2.3 2.8 2.1 May-10 0.2 0.0 -4.2 -4.4 Jun-10 1.1 0.6 -1.4 -1.3 Jul-10 -1.2 -1.2 0.0 0.4

Aug-10 1.7 1.4 1.3 1.6 Sep-10 2.9 3.1 3.2 3.2 Oct-10 -1.6 -1.0 1.2 1.6 Nov-10 2.6 2.1 1.5 1.0 Dec-10 3.1 2.8 1.8 1.3

2 - 67


monthly % change




Australia - AUD



80

90

100

110

120

130

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Australia - NEER

80

90

100

110

120

130

140

150

160

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Australia - REER (HICP/CPI)

AU vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 91.8 92.4 98.6 Q4-07 119.8 119.5 153.0 1999 100.0 100.0 100.0 Q1-08 118.7 119.4 151.5 2000 107.3 105.5 96.5 Q2-08 119.6 121.0 157.2 2001 99.2 98.2 93.3 Q3-08 118.7 120.0 154.4 2002 99.2 98.2 98.7 Q4-08 105.1 107.6 123.1 2003 100.3 100.9 109.7 Q1-09 108.0 112.4 126.0 2004 105.7 105.8 119.0 Q2-09 122.3 126.6 147.2 2005 112.8 112.8 127.7 Q3-09 132.3 136.3 160.4 2006 114.2 113.8 133.8 Q4-09 144.3 149.4 175.6 2007 118.8 118.1 147.8 Q1-10 157.4 161.8 183.9 2008 115.3 116.8 145.1 Q2-10 169.9 173.3 188.7 2009 126.0 130.4 150.4 Q3-10 171.4 173.9 186.9 2010 168.4 171.7 187.6 Q4-10 175.6 178.8 195.2


1998 90.1 90.6 94.8 Q4-07 144.8 145.8 174.3 1999 100.0 100.0 100.0 Q1-08 150.5 152.5 180.9 2000 113.3 111.8 103.9 Q2-08 156.9 159.2 194.5 2001 103.8 103.3 97.8 Q3-08 156.2 157.8 192.8 2002 101.7 101.2 100.6 Q4-08 134.4 137.0 150.8 2003 98.5 99.1 105.8 Q1-09 131.3 135.8 148.3 2004 111.1 111.7 122.6 Q2-09 140.2 143.9 165.0 2005 128.8 129.8 142.2 Q3-09 143.3 146.4 171.4 2006 130.3 131.1 147.0 Q4-09 149.2 153.3 179.9 2007 136.5 137.2 161.0 Q1-10 156.8 160.5 182.2 2008 149.1 151.2 178.1 Q2-10 165.1 168.0 182.6 2009 140.8 144.6 165.1 Q3-10 164.6 166.8 178.7 2010 163.5 166.5 181.7 Q4-10 168.2 171.3 186.4


1998 92.9 93.4 99.6 Q4-07 119.0 117.3 153.8 1999 100.0 100.0 100.0 Q1-08 118.1 117.6 152.5 2000 106.8 104.5 96.0 Q2-08 118.0 118.2 157.1 2001 96.3 94.5 90.7 Q3-08 114.0 114.3 151.0 2002 96.4 94.8 96.9 Q4-08 96.9 98.3 116.3 2003 96.3 96.2 107.0 Q1-09 94.7 97.7 114.0 2004 103.0 102.4 118.3 Q2-09 102.1 104.6 127.6 2005 110.3 109.4 126.7 Q3-09 105.9 108.0 134.1 2006 112.7 111.3 133.3 Q4-09 112.3 115.1 143.0 2007 117.4 115.2 147.6 Q1-10 120.6 123.0 147.6 2008 111.4 111.8 142.4 Q2-10 130.1 131.6 151.1 2009 103.6 106.1 128.5 Q3-10 133.0 133.9 151.4 2010 130.7 132.2 152.0 Q4-10 139.5 141.1 161.7


1998 92.5 92.8 98.6 Q4-07 131.7 131.8 171.7 1999 100.0 100.0 100.0 Q1-08 131.8 133.6 172.4 2000 108.3 106.1 97.0 Q2-08 132.2 135.2 179.3 2001 97.5 95.9 88.8 Q3-08 127.0 130.2 172.9 2002 99.9 98.5 97.6 Q4-08 106.3 110.5 132.6 2003 99.7 100.2 109.1 Q1-09 102.0 107.8 129.1 2004 111.0 111.7 128.0 Q2-09 108.1 113.5 143.4 2005 120.9 121.1 140.7 Q3-09 111.0 116.1 149.9 2006 124.9 124.8 148.7 Q4-09 117.5 123.5 159.6 2007 129.1 128.3 163.4 Q1-10 126.7 132.3 165.0 2008 123.9 126.9 162.4 Q2-10 137.4 142.5 169.4 2009 109.6 115.1 144.4 Q3-10 141.1 145.7 170.2 2010 138.2 143.3 170.8 Q4-10 148.5 153.8 182.2

(index 1999 = 100) (index 1999 = 100)

2 - 68

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)



80

100

120

140

160

180

200

95 97 99 01 03 05 07 09


Australia - REER (PGDP)

80

100

120

140

160

180

200

95 97 99 01 03 05 07 09


Australia - REER (PX)

80

100

120

140

160

180

95 97 99 01 03 05 07 09


Australia - REER (ULCE)

80

100

120

140

160

180

200

95 97 99 01 03 05 07 09


Australia - REER (ULCM)

top

NZ vs (the rest of) vs (the rest of) vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 96.9 97.2 103.4 101.9 Q4-07 106.2 107.6 124.3 124.4 Jul-08 -2.3 -2.3 -1.7 -1.7 1999 100.0 100.0 100.0 100.0 Q1-08 106.2 108.7 125.3 126.0 Aug-08 -0.9 -0.9 -2.0 -2.5 2000 99.4 97.6 90.4 89.8 Q2-08 100.1 103.0 120.4 121.5 Sep-08 -0.9 -0.7 -2.3 -2.1 2001 94.6 93.6 89.1 88.5 Q3-08 95.5 98.3 114.2 114.6 Oct-08 -2.8 -2.8 -4.6 -4.2 2002 99.0 98.2 96.7 96.4 Q4-08 88.2 92.1 101.7 102.6 Nov-08 -2.9 -1.9 -4.9 -4.8 2003 103.7 104.8 109.9 110.9 Q1-09 82.2 87.4 94.7 96.1 Dec-08 -6.4 -4.9 -3.9 -3.7 2004 107.7 108.4 116.7 118.8 Q2-09 89.2 94.3 103.0 104.3 Jan-09 -0.2 0.2 -1.3 -0.8 2005 114.1 114.9 123.1 124.4 Q3-09 94.9 99.9 109.9 111.8 Feb-09 -2.8 -3.2 -3.8 -3.9 2006 104.2 104.9 114.6 114.4 Q4-09 99.2 105.0 114.3 116.6 Mar-09 1.3 1.9 3.5 3.3 2007 108.2 108.8 123.6 123.4 Q1-10 103.2 108.7 113.7 115.3 Apr-09 6.1 5.5 5.0 4.7 2008 97.3 100.2 114.2 115.1 Q2-10 110.9 116.0 116.0 116.8 May-09 2.0 1.6 2.0 2.1 2009 91.1 96.3 104.5 106.2 Q3-10 112.0 116.6 115.8 117.4 Jun-09 3.2 2.8 3.8 4.1 2010 109.5 114.5 114.8 116.3 Q4-10 112.4 117.4 117.0 119.1 Jul-09 0.4 0.4 0.3 0.4

Aug-09 3.7 3.4 3.6 3.6 Sep-09 2.0 2.5 2.1 2.4 Oct-09 3.1 3.6 3.0 3.0 Nov-09 -1.9 -2.2 -2.1 -2.0 Dec-09 0.3 0.4 -0.5 -0.7 Jan-10 3.7 3.3 1.9 1.6 Feb-10 0.2 -0.1 -2.3 -2.4 Mar-10 1.6 1.9 0.5 0.3 Apr-10 2.6 2.1 1.7 1.3 May-10 4.4 4.2 1.1 0.9 Jun-10 1.9 1.4 -0.1 0.0 Jul-10 -1.4 -1.3 0.3 0.8

Aug-10 -0.7 -1.0 -1.3 -1.1 Sep-10 0.6 0.8 0.4 0.5 Oct-10 -3.0 -2.3 -0.3 0.1 Nov-10 4.5 4.1 3.1 3.0 Dec-10 0.6 0.4 -1.6 -1.8

NZ vs (the rest of) vs (the rest of) vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 98.1 98.6 105.2 104.4 Q4-07 110.1 112.2 129.9 127.7 Jul-08 -1.6 -1.7 -1.3 -1.6 1999 100.0 100.0 100.0 100.0 Q1-08 110.1 113.3 130.8 128.8 Aug-08 -0.6 -0.7 -1.8 -2.1 2000 99.8 98.2 90.5 89.9 Q2-08 103.8 107.5 125.8 124.2 Sep-08 -1.2 -1.0 -2.5 -2.1 2001 95.1 94.5 89.5 88.8 Q3-08 100.2 103.5 120.0 117.8 Oct-08 -3.0 -3.0 -4.7 -4.4 2002 99.9 99.6 98.1 97.5 Q4-08 92.4 96.8 107.2 105.8 Nov-08 -2.6 -1.7 -4.4 -4.5 2003 104.4 106.0 111.3 111.8 Q1-09 86.8 92.4 100.6 99.7 Dec-08 -6.3 -4.7 -3.5 -3.3 2004 108.6 110.1 118.8 119.9 Q2-09 94.1 99.4 109.4 108.1 Jan-09 0.8 1.1 -0.9 -0.5 2005 116.3 118.0 126.5 126.6 Q3-09 101.7 106.9 117.8 117.0 Feb-09 -3.3 -3.6 -3.9 -3.9 2006 107.5 109.0 119.0 117.5 Q4-09 105.7 111.7 122.0 121.3 Mar-09 1.1 1.7 3.3 3.1 2007 112.0 113.3 128.9 126.7 Q1-10 110.2 115.6 121.3 119.7 Apr-09 5.9 5.3 4.9 4.6 2008 101.4 105.0 119.8 118.1 Q2-10 117.4 122.3 123.1 120.7 May-09 2.3 1.8 2.1 2.3 2009 96.8 102.3 111.4 110.5 Q3-10 120.0 124.4 124.2 122.2 Jun-09 3.5 3.1 4.0 4.3 2010 117.4 122.2 123.2 121.3 Q4-10 122.3 127.2 127.7 125.9 Jul-09 1.7 1.6 1.0 1.0

Aug-09 3.6 3.4 3.7 3.8 Sep-09 2.0 2.5 2.1 2.4 Oct-09 2.7 3.2 2.7 2.7 Nov-09 -2.1 -2.4 -2.3 -2.3 Dec-09 0.1 0.1 -0.6 -0.8 Jan-10 4.7 4.1 2.2 1.8 Feb-10 -0.1 -0.4 -2.3 -2.6 Mar-10 0.9 1.3 0.1 0.0 Apr-10 2.3 1.7 1.5 1.1 May-10 4.3 4.1 1.0 0.8 Jun-10 2.1 1.5 0.0 0.1 Jul-10 -0.8 -0.7 0.7 1.0

Aug-10 -0.5 -0.8 -1.0 -0.8 Sep-10 1.4 1.6 1.2 1.3 Oct-10 -2.5 -1.8 0.2 0.5 Nov-10 5.1 4.6 3.7 3.4 Dec-10 0.9 0.7 -0.8 -1.1

2 - 69




New Zealand - NZD



80

90

100

110

120

130

140

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


New Zealand - NEER

80

90

100

110

120

130

140

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


New Zealand - REER (HICP/CPI)

NZ vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 97.2 97.8 104.2 Q4-07 114.9 114.7 133.4 1999 100.0 100.0 100.0 Q1-08 114.3 115.2 133.6 2000 101.2 99.3 91.5 Q2-08 108.4 109.7 128.9 2001 97.5 96.4 91.9 Q3-08 106.0 107.3 124.9 2002 100.0 98.9 98.6 Q4-08 102.2 104.8 115.5 2003 105.3 105.9 112.9 Q1-09 100.2 104.7 112.6 2004 111.1 111.1 121.3 Q2-09 114.3 118.6 127.9 2005 118.5 118.5 128.2 Q3-09 126.4 130.6 140.7 2006 110.8 110.4 121.2 Q4-09 135.2 140.3 148.7 2007 117.8 117.0 133.6 Q1-10 141.9 146.3 148.5 2008 107.6 109.1 124.6 Q2-10 152.4 155.7 150.7 2009 118.2 122.6 130.8 Q3-10 152.4 154.8 149.0 2010 149.1 152.3 148.1 Q4-10 150.4 153.3 148.7


1998 93.8 94.4 99.3 Q4-07 114.7 115.6 123.2 1999 100.0 100.0 100.0 Q1-08 118.7 120.4 126.9 2000 110.6 108.9 100.8 Q2-08 115.7 117.5 125.0 2001 107.4 106.8 101.3 Q3-08 113.5 114.8 121.7 2002 101.9 101.4 100.2 Q4-08 106.9 109.1 111.1 2003 102.5 103.2 108.9 Q1-09 100.5 104.2 105.7 2004 107.4 108.0 114.1 Q2-09 109.1 112.2 116.4 2005 112.6 113.5 116.2 Q3-09 115.1 117.8 124.3 2006 107.1 107.7 111.2 Q4-09 118.5 122.0 128.0 2007 113.4 114.0 120.9 Q1-10 120.9 124.0 125.4 2008 113.5 115.2 120.2 Q2-10 127.6 130.1 125.9 2009 110.5 113.7 117.5 Q3-10 127.0 128.9 124.3 2010 125.3 127.8 124.3 Q4-10 126.2 128.6 125.0


1998 99.3 99.9 106.1 Q4-07 121.9 120.1 142.6 1999 100.0 100.0 100.0 Q1-08 123.9 123.5 146.2 2000 99.3 96.9 89.5 Q2-08 118.2 118.6 142.6 2001 95.7 93.7 90.5 Q3-08 113.1 113.5 136.3 2002 99.4 97.5 99.0 Q4-08 103.8 105.6 121.5 2003 105.0 104.8 114.4 Q1-09 95.6 99.0 112.9 2004 113.4 112.6 126.0 Q2-09 102.7 105.6 122.5 2005 124.6 123.5 136.8 Q3-09 108.9 111.3 130.6 2006 117.6 116.0 129.8 Q4-09 114.2 117.3 136.2 2007 122.3 119.9 140.0 Q1-10 119.7 122.3 136.3 2008 114.5 115.0 135.3 Q2-10 129.9 131.7 139.9 2009 105.1 108.0 124.3 Q3-10 132.4 133.5 140.5 2010 128.8 130.4 138.8 Q4-10 133.6 135.2 142.6


1998 101.0 101.3 107.4 Q4-07 139.1 139.5 164.8 1999 100.0 100.0 100.0 Q1-08 140.6 142.8 168.0 2000 101.3 99.0 90.9 Q2-08 132.7 136.1 162.7 2001 101.9 100.2 94.1 Q3-08 125.3 128.8 154.6 2002 102.0 100.5 99.5 Q4-08 113.2 118.1 137.2 2003 111.5 112.1 120.5 Q1-09 102.6 109.1 127.1 2004 122.8 123.6 137.0 Q2-09 108.9 115.0 137.6 2005 137.4 137.7 152.0 Q3-09 114.7 120.5 146.5 2006 132.0 132.0 146.4 Q4-09 120.2 126.9 152.9 2007 139.8 139.0 161.5 Q1-10 126.3 132.5 153.0 2008 127.6 131.1 153.9 Q2-10 137.6 143.3 157.1 2009 111.5 117.6 139.5 Q3-10 140.6 145.6 157.9 2010 136.5 142.0 155.8 Q4-10 142.0 147.6 160.2

(index 1999 = 100) (index 1999 = 100)

2 - 70

(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)



80

100

120

140

160

95 97 99 01 03 05 07 09


New Zealand - REER (PGDP)

80

90

100

110

120

130

140

95 97 99 01 03 05 07 09


New Zealand - REER (PX)

80

90

100

110

120

130

140

150

160

95 97 99 01 03 05 07 09


New Zealand - REER (ULCE)

80

90

100

110

120

130

140

150

160

170

95 97 99 01 03 05 07 09


New Zealand - REER (ULCM)

top

MXEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 100.2 100.5 104.7 104.2 Q4-07 64.8 65.6 84.5 84.4 Jul-08 -0.2 -0.2 1.0 1.0 1999 100.0 100.0 100.0 100.0 Q1-08 62.9 64.4 84.5 84.4 Aug-08 6.3 6.4 1.8 1.7 2000 116.8 114.9 102.1 102.0 Q2-08 62.6 64.5 87.2 87.0 Sep-08 -1.1 -0.9 -4.6 -4.5 2001 121.9 120.7 104.2 104.3 Q3-08 65.7 67.7 88.7 88.4 Oct-08 -9.2 -9.3 -14.9 -14.6 2002 111.9 111.0 100.5 100.8 Q4-08 59.3 62.0 71.5 71.8 Nov-08 0.9 2.0 -2.8 -2.8 2003 83.6 84.5 88.3 88.8 Q1-09 54.4 57.9 65.2 65.4 Dec-08 -7.2 -5.7 -2.7 -2.1 2004 72.7 73.2 83.3 83.8 Q2-09 56.1 59.3 69.8 69.9 Jan-09 -2.1 -1.7 -3.3 -3.7 2005 75.2 75.8 86.1 86.4 Q3-09 53.7 56.6 69.4 69.5 Feb-09 -1.5 -1.9 -4.4 -4.7 2006 74.5 75.0 85.9 85.9 Q4-09 52.7 55.9 70.0 70.0 Mar-09 -2.5 -1.8 -0.5 -0.1 2007 68.1 68.5 84.8 84.6 Q1-10 57.6 60.7 72.1 72.0 Apr-09 7.7 7.1 8.6 8.7 2008 62.6 64.6 82.6 82.5 Q2-10 63.7 66.7 73.9 73.7 May-09 -1.3 -1.7 1.3 0.8 2009 54.2 57.4 68.5 68.6 Q3-10 61.6 64.2 72.3 72.1 Jun-09 -3.7 -4.1 -1.5 -1.6 2010 60.8 63.7 73.0 72.8 Q4-10 60.5 63.3 74.1 73.9 Jul-09 -0.7 -0.7 -0.3 -0.3

Aug-09 1.4 1.2 2.4 2.3 Sep-09 -5.0 -4.5 -3.3 -3.3 Oct-09 -0.3 0.2 1.1 1.1 Nov-09 0.2 -0.1 0.7 0.9 Dec-09 4.1 4.2 2.2 2.1 Jan-10 2.7 2.3 0.5 0.3 Feb-10 3.2 3.0 -0.6 -0.3 Mar-10 3.8 4.2 2.9 2.8 Apr-10 4.0 3.5 2.9 2.7 May-10 2.6 2.3 -3.1 -3.3 Jun-10 2.9 2.3 0.2 0.4 Jul-10 -5.1 -5.0 -1.3 -1.1

Aug-10 -0.5 -0.8 0.2 0.1 Sep-10 -1.7 -1.4 -0.6 -0.4 Oct-10 -3.2 -2.5 2.2 2.1 Nov-10 2.7 2.3 1.1 1.0 Dec-10 2.8 2.6 -0.2 -0.2

MXEA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 86.9 87.3 91.7 91.2 Q4-07 82.4 83.9 103.6 103.0 Jul-08 0.4 0.4 1.1 1.1 1999 100.0 100.0 100.0 100.0 Q1-08 80.5 82.9 104.0 103.3 Aug-08 7.0 6.9 2.7 2.7 2000 125.1 123.3 108.4 108.3 Q2-08 79.6 82.4 106.0 105.3 Sep-08 -0.5 -0.4 -3.9 -3.7 2001 135.5 134.6 114.5 114.6 Q3-08 84.5 87.3 108.2 107.3 Oct-08 -8.5 -8.6 -13.6 -13.3 2002 127.8 127.3 114.2 114.5 Q4-08 78.3 82.0 91.5 91.3 Nov-08 2.6 3.6 0.0 -0.1 2003 98.0 99.5 102.6 103.0 Q1-09 73.2 78.0 85.0 84.7 Dec-08 -6.5 -4.9 -1.2 -0.5 2004 87.4 88.5 98.9 99.2 Q2-09 75.5 79.9 90.7 90.3 Jan-09 -1.1 -0.8 -3.3 -3.7 2005 92.1 93.4 103.0 103.1 Q3-09 73.0 76.7 90.3 89.8 Feb-09 -1.9 -2.3 -4.6 -4.9 2006 92.6 93.8 103.4 103.1 Q4-09 72.3 76.4 92.0 91.4 Mar-09 -2.1 -1.5 -0.2 0.2 2007 86.2 87.2 103.3 102.8 Q1-10 80.6 84.6 96.4 95.6 Apr-09 7.8 7.2 8.7 8.8 2008 80.7 83.6 102.1 101.4 Q2-10 88.2 91.9 98.3 97.2 May-09 -1.6 -2.0 0.8 0.3 2009 73.5 77.7 89.3 88.8 Q3-10 85.6 88.7 96.3 95.3 Jun-09 -3.7 -4.1 -2.1 -2.1 2010 84.8 88.3 97.6 96.5 Q4-10 85.0 88.3 100.1 99.0 Jul-09 0.2 0.1 0.1 0.1

Aug-09 1.2 1.0 2.4 2.3 Sep-09 -4.4 -3.9 -2.9 -2.9 Oct-09 -0.2 0.3 1.3 1.3 Nov-09 0.7 0.4 1.2 1.3 Dec-09 4.2 4.2 2.8 2.7 Jan-10 4.6 4.0 1.4 1.2 Feb-10 3.3 3.0 -0.1 0.2 Mar-10 3.7 4.2 3.2 3.1 Apr-10 3.4 2.8 2.4 2.2 May-10 1.8 1.5 -3.8 -4.0 Jun-10 2.9 2.3 0.3 0.4 Jul-10 -4.5 -4.5 -1.1 -1.0

Aug-10 -0.6 -0.9 0.3 0.2 Sep-10 -1.3 -1.1 -0.1 0.0 Oct-10 -2.8 -2.1 2.6 2.6 Nov-10 3.4 3.0 1.8 1.7 Dec-10 2.6 2.4 0.1 0.1


Mexico - MXN






2 - 71

50

70

90

110

130

150

170

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Mexico - NEER

40

60

80

100

120

140

160

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Mexico - REER (HICP/CPI)

MX vs (the rest of) vs (the rest of)EA16 EU27 IC36 EA16 EU27 IC36

1998 87.9 88.4 92.2 Q4-07 98.5 98.3 123.0 1999 100.0 100.0 100.0 Q1-08 97.1 97.8 124.6 2000 129.3 127.0 112.1 Q2-08 97.9 99.2 130.3 2001 139.3 137.7 118.5 Q3-08 104.1 105.4 134.1 2002 133.5 132.0 120.3 Q4-08 94.8 97.3 109.1 2003 106.2 106.7 112.3 Q1-09 87.7 91.6 100.3 2004 98.9 98.8 112.4 Q2-09 91.1 94.5 108.1 2005 104.9 104.8 117.5 Q3-09 87.9 90.8 108.4 2006 109.3 108.8 121.8 Q4-09 87.2 90.4 110.2 2007 102.1 101.4 122.0 Q1-10 96.0 99.0 114.2 2008 98.4 99.8 124.0 Q2-10 107.1 109.4 117.8 2009 88.4 91.7 106.6 Q3-10 103.9 105.5 115.6 2010 102.1 104.3 116.4 Q4-10 102.0 103.9 118.6


1998 93.6 94.1 97.5 Q4-07 81.2 81.8 98.3 1999 100.0 100.0 100.0 Q1-08 79.6 80.7 98.4 2000 116.5 114.8 103.6 Q2-08 80.5 81.7 102.8 2001 117.6 116.9 103.4 Q3-08 86.9 87.9 107.7 2002 112.1 111.5 103.7 Q4-08 81.3 83.0 90.6 2003 94.4 95.0 99.4 Q1-09 77.3 80.1 86.4 2004 86.9 87.4 97.1 Q2-09 81.8 84.1 95.7 2005 90.7 91.4 99.9 Q3-09 78.8 80.6 96.5 2006 91.5 92.0 100.7 Q4-09 76.5 78.8 96.4 2007 84.9 85.3 99.3 Q1-10 81.7 83.8 96.7 2008 82.0 83.2 99.6 Q2-10 88.2 89.9 96.5 2009 78.6 80.8 93.5 Q3-10 83.6 84.8 92.0 2010 83.6 85.2 94.4 Q4-10 81.1 82.7 92.9


1998 91.5 92.0 95.8 Q4-07 102.2 100.8 126.3 1999 100.0 100.0 100.0 Q1-08 99.9 99.7 127.2 2000 135.8 132.7 116.1 Q2-08 100.4 100.9 133.2 2001 153.8 150.7 129.1 Q3-08 107.0 107.6 138.7 2002 140.2 137.5 125.6 Q4-08 98.5 100.3 115.3 2003 114.4 114.1 120.3 Q1-09 92.3 95.6 108.6 2004 103.6 102.9 117.9 Q2-09 97.1 99.9 119.8 2005 107.9 107.0 121.3 Q3-09 94.4 96.7 121.9 2006 114.3 112.8 126.9 Q4-09 93.8 96.5 124.3 2007 107.0 105.0 126.5 Q1-10 103.1 105.5 128.5 2008 101.4 102.1 128.2 Q2-10 114.4 116.1 131.8 2009 94.4 97.1 118.4 Q3-10 110.5 111.5 128.4 2010 109.0 110.6 129.9 Q4-10 108.2 109.7 131.4


1998 85.2 85.4 87.5 Q4-07 92.0 92.2 132.1 1999 100.0 100.0 100.0 Q1-08 87.8 89.3 130.0 2000 135.6 132.8 115.0 Q2-08 86.0 88.3 133.1 2001 155.0 152.4 127.9 Q3-08 89.7 92.3 136.6 2002 143.5 141.4 131.9 Q4-08 81.1 84.7 113.2 2003 111.0 111.5 120.9 Q1-09 75.1 79.8 107.0 2004 98.7 99.4 123.9 Q2-09 78.5 82.8 118.8 2005 105.4 105.8 132.8 Q3-09 76.1 79.9 121.3 2006 104.6 104.7 131.0 Q4-09 75.6 79.8 124.0 2007 97.7 97.2 133.7 Q1-10 83.2 87.3 128.0 2008 86.2 88.6 127.7 Q2-10 92.6 96.3 130.9 2009 76.3 80.6 117.4 Q3-10 89.4 92.6 127.3 2010 88.2 91.7 128.9 Q4-10 87.5 90.9 130.0


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)


(index 1999 = 100) (index 1999 = 100)

2 - 72

(index 1999 = 100) (index 1999 = 100)


50

70

90

110

130

150

95 97 99 01 03 05 07 09


Mexico - REER (PGDP)

70

80

90

100

110

120

130

95 97 99 01 03 05 07 09


Mexico - REER (PX)

50

70

90

110

130

150

170

95 97 99 01 03 05 07 09


Mexico - REER (ULCE)

50

70

90

110

130

150

170

95 97 99 01 03 05 07 09


Mexico - REER (ULCM)

top

RU vs (the rest of) vs (the rest of) vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 242.5 238.1 242.2 242.0 Q4-07 73.2 76.8 80.3 80.7 Jul-08 -0.1 -0.4 -0.2 -0.2 1999 100.0 100.0 100.0 100.0 Q1-08 72.0 76.1 79.4 79.9 Aug-08 1.6 1.2 0.6 0.2 2000 101.1 100.5 97.1 96.5 Q2-08 70.8 75.2 78.9 79.6 Sep-08 -0.3 0.0 -0.8 -0.8 2001 100.6 102.4 99.0 98.2 Q3-08 71.6 75.6 78.9 79.3 Oct-08 3.4 4.4 2.9 2.8 2002 88.8 91.6 89.6 89.1 Q4-08 73.3 79.0 80.3 80.4 Nov-08 1.1 2.1 1.1 0.9 2003 75.7 80.0 80.5 80.9 Q1-09 58.8 65.0 65.7 65.8 Dec-08 -5.7 -4.7 -4.5 -4.1 2004 73.3 77.6 79.1 80.1 Q2-09 59.6 65.6 66.9 67.0 Jan-09 -12.8 -12.0 -12.2 -12.4 2005 74.7 78.5 80.0 80.6 Q3-09 58.3 63.8 65.4 65.7 Feb-09 -7.5 -7.2 -7.4 -7.7 2006 76.9 80.9 83.0 83.2 Q4-09 59.9 65.8 67.5 68.0 Mar-09 1.5 2.1 2.7 2.7 2007 74.8 78.5 81.7 82.0 Q1-10 63.2 68.8 69.8 70.0 Apr-09 2.1 1.2 1.5 1.4 2008 72.0 76.6 79.5 80.0 Q2-10 67.8 73.3 73.4 73.1 May-09 1.5 1.2 1.5 1.7 2009 59.2 65.2 66.5 66.8 Q3-10 66.1 71.3 71.1 71.0 Jun-09 0.0 0.1 0.5 0.8 2010 64.9 70.3 70.6 70.6 Q4-10 62.6 67.6 67.8 67.8 Jul-09 -1.9 -2.2 -2.3 -2.2

Aug-09 -1.8 -2.2 -2.0 -1.9 Sep-09 1.0 1.4 1.3 1.5 Oct-09 2.6 3.0 3.0 3.1 Nov-09 1.0 1.0 1.0 1.1 Dec-09 -1.6 -1.7 -2.0 -2.2 Jan-10 3.1 2.5 2.2 1.9 Feb-10 3.1 2.8 2.1 1.9 Mar-10 2.9 2.8 2.6 2.4 Apr-10 2.5 2.0 2.0 1.8 May-10 2.3 2.3 1.2 0.8 Jun-10 0.3 0.1 -0.5 -0.6 Jul-10 -2.5 -2.4 -2.0 -1.6

Aug-10 -0.1 -0.5 -0.5 -0.4 Sep-10 -2.6 -2.6 -2.6 -2.5 Oct-10 -4.5 -4.2 -3.5 -3.1 Nov-10 -0.4 -0.6 -0.8 -0.9 Dec-10 3.9 4.0 3.4 3.1

RU vs (the rest of) vs (the rest of) vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 132.3 132.7 135.4 135.0 Q4-07 183.4 178.2 186.9 187.2 Jul-08 0.4 0.1 0.2 0.1 1999 100.0 100.0 100.0 100.0 Q1-08 187.4 182.9 191.5 191.8 Aug-08 2.0 1.6 1.0 0.6 2000 119.3 116.7 112.4 111.9 Q2-08 188.7 184.8 194.4 195.3 Sep-08 0.3 0.6 -0.2 -0.1 2001 140.5 138.3 133.4 132.7 Q3-08 194.0 188.6 197.4 197.4 Oct-08 4.3 5.2 3.7 3.6 2002 140.4 138.0 135.1 134.8 Q4-08 204.0 201.8 205.9 205.4 Nov-08 2.5 3.3 2.4 2.2 2003 133.4 133.3 134.3 135.5 Q1-09 172.1 174.2 177.0 176.3 Dec-08 -5.0 -3.9 -3.6 -3.1 2004 140.3 139.9 142.8 144.8 Q2-09 178.0 178.9 183.4 183.0 Jan-09 -10.1 -9.4 -9.8 -10.0 2005 158.0 155.7 159.0 160.4 Q3-09 176.7 176.3 181.4 181.6 Feb-09 -6.6 -6.2 -6.3 -6.5 2006 174.8 171.7 176.4 177.0 Q4-09 181.5 181.5 186.9 187.4 Mar-09 2.4 2.9 3.6 3.6 2007 181.6 176.8 184.5 184.8 Q1-10 196.5 194.0 197.7 197.1 Apr-09 2.5 1.7 1.9 1.8 2008 193.3 189.1 196.8 197.4 Q2-10 211.5 207.3 208.7 206.7 May-09 2.1 1.6 1.9 2.2 2009 176.9 177.3 181.7 181.9 Q3-10 209.4 204.6 205.4 203.6 Jun-09 0.5 0.5 1.0 1.2 2010 204.4 200.1 202.0 200.9 Q4-10 201.1 196.5 198.2 196.8 Jul-09 -0.5 -1.1 -1.3 -1.4

Aug-09 -2.2 -2.4 -2.2 -2.1 Sep-09 0.9 1.3 1.2 1.5 Oct-09 2.5 2.7 2.8 2.8 Nov-09 1.3 1.1 1.2 1.2 Dec-09 -1.5 -1.5 -1.7 -2.0 Jan-10 5.5 4.5 4.0 3.7 Feb-10 3.5 3.2 2.5 2.2 Mar-10 2.6 2.7 2.5 2.5 Apr-10 2.5 1.9 1.9 1.7 May-10 2.7 2.7 1.6 1.2 Jun-10 0.8 0.5 0.0 -0.1 Jul-10 -1.7 -1.7 -1.3 -1.1

Aug-10 0.1 -0.2 -0.2 0.0 Sep-10 -2.0 -2.1 -2.1 -2.0 Oct-10 -4.3 -4.1 -3.4 -3.1 Nov-10 0.3 0.1 0.0 -0.3 Dec-10 4.4 4.5 4.1 3.8

Russia - RUB




2 - 73


0

100

200

300

400

500

600

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Russia - NEER

80

100

120

140

160

180

200

220

240

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Russia - REER (HICP/CPI)

top

CN vs (the rest of) vs (the rest of) vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 95.8 95.5 102.5 101.6 Q4-07 81.8 84.1 98.6 98.3 Jul-08 -0.5 -0.6 0.2 0.1 1999 100.0 100.0 100.0 100.0 Q1-08 82.2 85.3 99.7 100.2 Aug-08 5.1 5.0 2.8 2.6 2000 115.6 114.2 103.2 102.6 Q2-08 81.2 84.9 100.9 102.0 Sep-08 4.4 4.7 1.9 2.6 2001 119.1 119.4 109.1 108.9 Q3-08 85.8 89.5 105.1 106.2 Oct-08 8.0 8.3 3.2 4.5 2002 113.1 113.8 108.2 108.2 Q4-08 98.5 104.2 111.3 114.9 Nov-08 4.6 5.7 2.0 2.3 2003 94.4 96.9 99.6 100.7 Q1-09 99.1 107.0 112.3 117.1 Dec-08 -4.3 -3.1 -2.7 -2.1 2004 85.8 88.0 94.0 95.5 Q2-09 94.8 101.8 110.1 113.8 Jan-09 0.4 1.2 0.4 0.7 2005 86.5 88.6 94.8 95.2 Q3-09 90.2 96.5 106.2 109.9 Feb-09 3.5 3.3 2.2 2.7 2006 88.2 90.3 98.5 97.9 Q4-09 87.4 94.0 103.6 106.9 Mar-09 -1.9 -1.3 0.6 0.4 2007 84.7 86.7 99.5 98.9 Q1-10 93.3 99.8 106.3 109.1 Apr-09 -1.1 -1.7 -1.0 -1.6 2008 86.6 90.6 103.7 105.2 Q2-10 101.6 107.8 110.2 112.5 May-09 -3.3 -3.6 -2.3 -2.7 2009 92.8 99.7 107.5 111.3 Q3-10 100.9 106.7 108.4 111.4 Jun-09 -2.8 -3.1 -1.5 -1.4 2010 98.3 104.3 107.5 110.2 Q4-10 97.5 103.4 106.7 109.9 Jul-09 -0.5 -0.6 -0.7 -0.6

Aug-09 -1.3 -1.5 -0.8 -0.9 Sep-09 -1.9 -1.5 -1.5 -1.4 Oct-09 -1.7 -1.3 -1.1 -1.4 Nov-09 -0.7 -0.9 -0.7 -0.7 Dec-09 2.1 2.1 1.0 1.0 Jan-10 2.4 1.9 1.0 0.7 Feb-10 4.2 4.0 1.5 1.5 Mar-10 0.9 1.2 0.3 0.0 Apr-10 1.2 0.7 0.8 0.4 May-10 6.7 6.5 2.7 2.8 Jun-10 3.0 2.5 0.9 1.1 Jul-10 -3.8 -3.7 -2.1 -1.8


CN vs (the rest of) vs (the rest of) vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 98.3 98.7 105.6 105.1 Q4-07 80.0 80.7 98.9 96.6 Jul-08 1.0 0.9 1.4 1.2 1999 100.0 100.0 100.0 100.0 Q1-08 81.6 83.1 101.6 99.8 Aug-08 4.5 4.2 2.1 2.0 2000 113.3 111.5 101.4 100.8 Q2-08 80.1 82.0 102.0 100.7 Sep-08 3.3 3.4 0.8 1.6 2001 114.8 114.1 105.9 105.4 Q3-08 85.1 86.8 106.3 104.8 Oct-08 8.1 8.3 3.6 4.7 2002 105.8 105.3 102.9 102.4 Q4-08 96.5 99.7 112.0 112.6 Nov-08 4.6 5.5 2.4 2.5 2003 87.7 88.8 94.3 94.7 Q1-09 96.8 101.9 112.7 114.0 Dec-08 -5.0 -3.8 -3.1 -2.5 2004 81.2 82.0 90.9 91.3 Q2-09 91.9 96.0 109.6 109.8 Jan-09 1.3 1.9 0.8 0.8 2005 81.6 82.4 91.6 90.6 Q3-09 88.7 92.2 106.8 107.1 Feb-09 2.4 2.2 1.4 1.8 2006 82.7 83.4 94.6 92.4 Q4-09 85.9 89.7 104.4 104.2 Mar-09 -2.0 -1.4 0.5 0.3 2007 81.5 81.9 98.1 95.7 Q1-10 92.3 95.6 107.6 106.7 Apr-09 -1.4 -2.0 -1.2 -2.0 2008 85.6 87.6 104.8 103.7 Q2-10 100.1 102.8 111.5 109.9 May-09 -3.6 -4.0 -2.8 -3.1 2009 90.7 94.8 107.8 108.0 Q3-10 101.2 103.5 111.5 110.5 Jun-09 -2.5 -2.9 -1.5 -1.3 2010 98.0 100.7 109.8 108.5 Q4-10 98.6 101.1 110.8 109.9 Jul-09 1.5 1.2 0.8 0.9

Aug-09 -1.8 -1.9 -1.2 -1.2 Sep-09 -2.4 -2.0 -2.0 -2.1 Oct-09 -1.6 -1.2 -0.9 -1.2 Nov-09 -0.1 -0.4 -0.2 -0.2 Dec-09 2.2 2.2 1.4 1.4 Jan-10 2.9 2.2 0.9 0.4 Feb-10 4.5 4.2 2.0 1.9 Mar-10 0.0 0.3 -0.3 -0.5 Apr-10 1.3 0.7 0.9 0.5 May-10 6.5 6.3 2.6 2.6 Jun-10 3.3 2.8 1.2 1.4 Jul-10 -1.8 -1.8 -0.3 0.0


2 - 74




China - CNY



70

80

90

100

110

120

130

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


China - NEER

70

80

90

100

110

120

130

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


China - REER (HICP/CPI)

top

HK vs (the rest of) vs (the rest of) vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 96.0 95.8 101.7 100.1 Q4-07 73.4 75.1 88.5 88.8 Jul-08 -1.3 -1.3 -0.5 -0.7 1999 100.0 100.0 100.0 100.0 Q1-08 70.8 73.0 85.8 86.3 Aug-08 5.2 5.2 3.0 1.6 2000 115.1 113.7 103.4 102.1 Q2-08 67.9 70.4 84.3 84.6 Sep-08 4.5 4.7 1.7 1.5 2001 118.5 118.7 108.5 105.3 Q3-08 70.5 73.1 86.5 85.2 Oct-08 8.4 8.6 3.1 2.9 2002 112.5 113.0 107.3 104.6 Q4-08 81.5 85.4 91.4 89.6 Nov-08 4.6 5.5 1.6 1.4 2003 94.1 96.1 99.0 100.2 Q1-09 81.9 87.4 91.8 90.3 Dec-08 -3.8 -2.8 -2.4 -0.7 2004 85.5 87.2 93.3 97.0 Q2-09 78.3 83.2 90.1 88.8 Jan-09 -0.1 0.6 -0.2 -0.2 2005 85.5 87.2 93.5 96.2 Q3-09 74.6 78.9 86.8 87.2 Feb-09 3.5 3.4 2.2 1.3 2006 84.8 86.5 94.6 95.1 Q4-09 72.2 76.7 84.5 85.8 Mar-09 -1.9 -1.4 0.9 0.2 2007 77.4 78.9 90.9 90.8 Q1-10 76.9 81.3 86.4 86.7 Apr-09 -1.1 -1.7 -1.0 -1.0 2008 72.5 75.2 86.4 86.1 Q2-10 83.6 87.8 89.2 88.0 May-09 -3.4 -3.7 -2.5 -1.6 2009 76.6 81.3 87.7 87.6 Q3-10 82.4 86.3 86.9 86.8 Jun-09 -2.6 -2.9 -1.4 -0.7 2010 80.3 84.3 86.1 86.1 Q4-10 78.4 82.3 84.1 84.8 Jul-09 -0.5 -0.6 -0.8 -0.3

Aug-09 -1.3 -1.5 -0.8 -0.5 Sep-09 -2.0 -1.6 -1.7 -0.8 Oct-09 -1.7 -1.3 -1.2 -0.7 Nov-09 -0.7 -0.8 -0.7 -0.4 Dec-09 2.1 2.1 1.0 0.5 Jan-10 2.2 1.9 0.9 0.2 Feb-10 4.2 4.0 1.3 0.8 Mar-10 0.9 1.1 0.3 0.1 Apr-10 1.2 0.8 0.9 0.2 May-10 6.4 6.2 2.2 1.2 Jun-10 2.9 2.4 0.6 0.4 Jul-10 -4.2 -4.1 -2.6 -1.4


HK vs (the rest of) vs (the rest of) vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 101.0 101.4 107.6 105.3 Q4-07 58.9 59.4 72.7 70.7 Jul-08 -0.6 -0.7 -0.1 -0.8 1999 100.0 100.0 100.0 100.0 Q1-08 56.9 57.9 70.7 68.3 Aug-08 3.6 3.5 1.4 0.3 2000 108.5 106.9 97.4 96.5 Q2-08 54.7 55.8 69.4 67.1 Sep-08 3.0 3.2 0.4 0.6 2001 107.3 106.8 98.7 96.0 Q3-08 56.5 57.6 70.5 66.8 Oct-08 8.9 9.1 3.9 3.5 2002 96.7 96.4 93.3 91.6 Q4-08 65.5 67.5 75.3 71.2 Nov-08 7.0 7.8 4.4 3.9 2003 77.4 78.3 82.6 84.0 Q1-09 66.3 69.4 76.3 72.3 Dec-08 -4.1 -3.1 -2.3 -0.4 2004 68.7 69.4 76.3 78.8 Q2-09 62.9 65.4 74.3 70.7 Jan-09 1.0 1.6 0.4 0.2 2005 68.0 68.6 75.7 77.1 Q3-09 59.4 61.5 70.8 68.3 Feb-09 2.1 2.0 1.1 0.6 2006 67.5 68.0 76.7 76.3 Q4-09 58.6 60.9 70.3 68.5 Mar-09 -1.8 -1.3 0.9 0.2 2007 61.5 61.8 73.8 71.9 Q1-10 62.9 64.9 72.4 69.4 Apr-09 -1.3 -1.8 -1.1 -1.0 2008 58.2 59.5 71.0 68.1 Q2-10 67.9 69.7 74.5 70.3 May-09 -3.6 -4.0 -2.9 -1.8 2009 61.7 64.1 72.4 69.6 Q3-10 66.2 67.6 71.7 67.9 Jun-09 -3.0 -3.2 -1.9 -1.2 2010 65.3 66.9 71.9 68.4 Q4-10 64.3 65.8 70.9 67.5 Jul-09 0.2 0.0 -0.4 -0.7

Aug-09 -3.3 -3.5 -2.7 -2.3 Sep-09 -1.1 -0.8 -1.0 0.2 Oct-09 0.2 0.6 0.9 1.2 Nov-09 -0.6 -0.8 -0.7 -0.6 Dec-09 2.0 2.0 1.3 0.6 Jan-10 3.1 2.5 1.1 0.4 Feb-10 4.7 4.5 2.1 1.3 Mar-10 -0.3 -0.1 -0.6 -0.6 Apr-10 1.4 0.9 1.1 0.3 May-10 6.1 5.9 1.9 1.0 Jun-10 3.1 2.6 0.8 0.5 Jul-10 -5.2 -5.2 -3.7 -3.4


2 - 75




Hong Kong - HKD



60

70

80

90

100

110

120

130

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Hong Kong - NEER

50

60

70

80

90

100

110

120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Hong Kong - REER (HICP/CPI)

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KO vs (the rest of) vs (the rest of) vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 81.2 80.7 85.7 83.5 Q4-07 94.9 97.8 114.9 116.6 Jul-08 0.0 -0.1 0.7 0.6 1999 100.0 100.0 100.0 100.0 Q1-08 88.4 92.0 107.6 109.2 Aug-08 2.5 2.3 0.3 -0.7 2000 121.5 120.1 109.2 108.7 Q2-08 79.6 83.3 99.1 100.3 Sep-08 -3.9 -3.6 -6.1 -6.4 2001 109.8 110.3 101.1 99.8 Q3-08 79.1 82.6 97.2 97.0 Oct-08 -7.4 -7.1 -11.3 -11.6 2002 107.9 109.0 103.6 103.0 Q4-08 70.5 74.7 80.1 79.4 Nov-08 -1.3 -0.4 -3.8 -4.1 2003 94.2 97.0 99.7 101.6 Q1-09 68.5 74.0 78.1 78.0 Dec-08 -3.4 -2.4 -2.0 -0.7 2004 89.1 91.6 97.8 101.3 Q2-09 72.5 77.9 84.6 84.6 Jan-09 2.5 3.3 2.5 2.9 2005 99.5 102.1 109.3 112.5 Q3-09 71.4 76.4 84.4 85.3 Feb-09 -2.3 -2.4 -3.4 -3.8 2006 105.8 108.7 118.5 120.3 Q4-09 73.3 78.9 87.1 88.7 Mar-09 -2.7 -2.1 -0.1 -0.6 2007 99.6 102.2 117.2 118.5 Q1-10 80.0 85.5 91.3 92.2 Apr-09 7.7 7.0 7.7 7.8 2008 79.1 82.8 94.6 95.1 Q2-10 85.5 90.7 92.9 92.6 May-09 2.9 2.6 3.8 4.5 2009 71.4 76.7 82.7 83.4 Q3-10 83.0 87.8 89.2 89.7 Jun-09 -3.3 -3.5 -2.1 -1.8 2010 82.6 87.7 90.0 90.7 Q4-10 82.2 87.3 90.0 91.2 Jul-09 -0.5 -0.7 -0.9 -0.5

Aug-09 0.5 0.3 0.9 1.1 Sep-09 0.0 0.5 0.4 1.0 Oct-09 1.7 2.1 2.2 2.5 Nov-09 0.3 0.1 0.2 0.4 Dec-09 1.9 1.9 0.9 0.6 Jan-10 4.8 4.3 3.4 3.0 Feb-10 2.7 2.4 0.0 -0.4 Mar-10 2.6 2.8 2.0 1.7 Apr-10 3.2 2.7 2.8 2.3 May-10 1.9 1.8 -1.8 -2.5 Jun-10 -1.2 -1.6 -3.2 -3.4 Jul-10 -3.6 -3.5 -2.0 -1.2

Aug-10 1.1 0.8 0.8 1.3 Sep-10 0.4 0.5 0.7 0.9 Oct-10 -2.8 -2.3 0.0 0.8 Nov-10 1.1 0.8 0.1 -0.2 Dec-10 2.0 1.9 0.2 -0.3

KO vs (the rest of) vs (the rest of) vs (the rest of)EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41 EA16 EU27 IC36 gr41

1998 81.5 81.8 86.7 84.8 Q4-07 101.3 101.8 124.3 122.9 Jul-08 0.8 0.6 1.2 0.7 1999 100.0 100.0 100.0 100.0 Q1-08 94.8 96.1 117.0 115.1 Aug-08 2.3 2.1 0.1 -0.6 2000 121.5 119.5 109.1 108.6 Q2-08 85.9 87.5 108.3 106.3 Sep-08 -3.9 -3.8 -6.1 -6.1 2001 111.5 110.9 102.7 101.5 Q3-08 86.2 87.5 106.7 103.3 Oct-08 -7.4 -7.2 -11.1 -11.6 2002 110.2 109.7 106.6 106.3 Q4-08 76.8 79.0 88.5 85.1 Nov-08 -1.1 -0.3 -3.2 -3.8 2003 97.7 98.8 104.4 106.4 Q1-09 75.6 79.2 87.4 84.4 Dec-08 -3.4 -2.2 -1.6 -0.2 2004 93.8 94.7 104.2 107.3 Q2-09 80.2 83.4 94.9 92.0 Jan-09 3.4 4.0 2.9 3.0 2005 105.5 106.3 117.3 119.7 Q3-09 79.7 82.4 95.1 92.8 Feb-09 -2.2 -2.3 -3.0 -3.3 2006 112.5 113.1 127.4 128.0 Q4-09 81.6 84.7 98.1 96.4 Mar-09 -2.2 -1.7 0.3 -0.2 2007 106.3 106.5 126.7 125.5 Q1-10 89.8 92.4 103.5 100.5 Apr-09 7.7 7.0 7.7 7.9 2008 85.7 87.2 103.7 101.0 Q2-10 95.7 97.9 105.5 101.2 May-09 2.9 2.5 3.7 4.5 2009 79.3 82.3 93.0 90.6 Q3-10 93.8 95.5 102.2 98.4 Jun-09 -3.6 -3.8 -2.5 -2.2 2010 93.1 95.1 102.7 99.2 Q4-10 93.1 95.0 103.3 99.8 Jul-09 0.5 0.2 -0.2 -0.4

Aug-09 0.4 0.3 1.0 1.4 Sep-09 0.2 0.6 0.5 1.2 Oct-09 1.2 1.6 1.9 2.0 Nov-09 0.4 0.2 0.3 0.4 Dec-09 1.9 1.9 1.2 0.8 Jan-10 5.9 5.2 3.9 3.4 Feb-10 2.5 2.3 0.1 -0.5 Mar-10 2.1 2.4 1.8 1.7 Apr-10 3.5 2.9 3.1 2.6 May-10 1.9 1.7 -1.8 -2.5 Jun-10 -1.3 -1.7 -3.3 -3.6 Jul-10 -2.9 -2.8 -1.4 -1.1

Aug-10 1.1 0.8 0.9 1.5 Sep-10 1.3 1.4 1.6 2.0 Oct-10 -2.9 -2.4 -0.1 0.4 Nov-10 0.4 0.1 -0.6 -1.2 Dec-10 1.9 1.8 0.6 0.0

2 - 76




Korea - KRW



60

70

80

90

100

110

120

130

140

150

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Korea - NEER

60

70

80

90

100

110

120

130

140

150

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10


Korea - REER (HICP/CPI)

top

BL BG CZ DK DE EE GR ES FR IE IT CY LV LT HU1998 100.7 96.7 101.5 101.0 100.6 100.2 97.7 100.7 101.1 102.7 100.8 100.9 95.7 95.3 105.01999 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.02000 96.7 99.9 101.7 95.6 95.6 96.5 94.9 97.0 96.0 94.5 96.3 97.6 107.5 112.2 95.32001 97.9 107.5 107.0 97.2 96.9 98.2 97.9 98.6 97.3 95.7 98.0 100.2 108.6 117.4 97.62002 99.1 111.0 119.4 98.6 98.6 98.8 100.4 100.0 99.0 97.6 100.0 102.2 105.3 123.5 104.42003 103.6 116.3 119.1 103.2 104.4 102.0 105.4 104.3 104.2 104.6 105.7 106.4 99.1 129.6 103.12004 104.7 117.7 119.5 104.4 106.2 103.0 106.8 105.5 105.6 107.0 107.5 107.2 95.9 131.1 104.72005 104.4 116.2 126.9 103.9 105.6 102.8 105.9 105.1 105.3 106.9 106.9 108.0 91.1 130.4 105.32006 104.8 117.1 133.5 104.2 106.1 103.0 106.5 105.5 105.9 107.5 107.5 108.6 91.2 130.5 99.02007 106.1 117.8 136.6 105.7 108.0 104.1 107.5 106.9 107.6 110.3 109.2 108.3 91.1 131.5 104.42008 108.0 119.9 153.3 108.0 110.0 105.6 109.6 109.0 109.9 114.8 111.3 110.6 91.9 132.7 105.32009 109.1 123.1 147.6 110.4 111.5 108.0 111.6 110.3 110.7 115.7 112.4 112.6 94.1 136.4 96.42010 106.4 119.9 151.2 106.1 107.5 104.7 109.1 107.6 107.4 111.6 108.8 110.0 91.2 132.9 96.2

BL BG CZ DK DE EE GR ES FR IE IT CY LV LT HUQ4-07 107.3 118.4 142.4 106.9 109.5 104.8 108.6 108.1 109.1 112.7 110.7 109.3 91.7 132.7 104.5Q1-08 108.2 119.7 150.2 108.0 110.4 105.5 109.7 109.1 110.1 114.7 111.7 110.5 92.6 133.4 102.4Q2-08 109.2 121.3 154.8 108.8 111.6 106.1 110.8 110.2 111.5 116.9 112.9 111.8 92.7 133.9 107.6Q3-08 108.5 119.6 158.4 108.4 110.5 105.6 109.8 109.4 110.6 115.8 111.9 111.2 91.6 133.1 112.2Q4-08 107.7 120.6 151.5 108.6 109.3 106.4 109.9 108.9 109.1 113.1 110.5 111.1 92.1 134.5 100.9Q1-09 109.1 123.2 141.9 110.8 111.4 108.3 111.9 110.4 110.5 114.9 112.2 113.2 94.7 137.7 92.4Q2-09 109.3 123.3 146.8 110.9 111.8 108.4 111.9 110.5 111.0 115.5 112.6 113.0 94.5 137.6 95.0Q3-09 109.5 123.3 152.5 110.7 111.9 107.9 112.0 110.8 111.2 116.3 112.9 113.0 94.5 136.9 99.8Q4-09 110.0 124.0 151.0 111.0 112.6 108.2 112.6 111.4 111.9 117.7 113.6 113.7 93.9 137.3 100.4Q1-10 108.3 121.8 149.4 108.7 110.1 106.4 110.8 109.6 109.7 114.7 111.2 112.1 92.6 135.3 99.9Q2-10 106.3 119.7 149.6 106.1 107.4 104.6 109.0 107.4 107.2 110.9 108.6 110.2 91.5 133.5 96.6Q3-10 105.9 119.4 153.1 105.4 106.8 104.1 108.8 107.1 106.6 110.3 108.1 109.5 90.9 133.0 93.6Q4-10 106.7 120.2 154.6 106.0 107.8 104.5 109.5 108.0 107.6 112.1 109.1 110.4 91.1 133.6 96.3

BL BG CZ DK DE EE GR ES FR IE IT CY LV LT HUJul-08 0.1 -0.1 3.2 0.2 0.0 0.1 0.0 0.1 0.2 0.4 0.1 0.0 -0.1 -0.2 4.4Aug-08 -0.7 -1.3 -3.5 -0.8 -1.0 -0.7 -0.9 -0.8 -0.9 -1.3 -1.0 -0.6 -0.4 -0.5 -2.2Sep-08 -0.4 -0.1 -0.9 -0.2 -0.6 -0.1 -0.2 -0.4 -0.6 -1.0 -0.6 -0.2 -0.2 0.0 -2.1Oct-08 -0.8 0.6 -1.1 -0.4 -1.1 0.1 -0.2 -0.6 -1.2 -2.1 -1.0 -0.7 -0.3 0.2 -7.7Nov-08 0.0 0.3 -1.3 0.3 -0.1 0.3 0.2 0.0 -0.2 -0.2 -0.2 0.4 0.6 0.5 -1.6Dec-08 1.8 1.5 -2.0 2.7 2.4 2.1 1.6 1.8 2.1 3.1 2.0 2.0 2.2 1.9 1.8Jan-09 0.1 0.6 -3.5 0.0 0.2 0.1 0.4 0.1 0.0 -0.1 0.1 0.4 1.0 0.4 -4.8Feb-09 -0.4 0.0 -4.2 -0.4 -0.3 0.0 -0.2 -0.4 -0.5 -1.2 -0.4 -0.5 0.0 0.4 -6.0Mar-09 1.0 1.1 5.2 1.3 1.2 0.9 0.9 1.0 1.2 1.6 1.1 1.1 0.4 0.8 -1.4Apr-09 -0.4 -0.9 1.2 -0.7 -0.6 -0.6 -0.6 -0.5 -0.4 -0.4 -0.5 -0.6 -0.9 -0.7 2.5May-09 0.1 0.0 0.0 -0.1 0.1 -0.2 0.0 0.1 0.1 0.4 0.2 -0.2 -0.2 -0.1 4.7Jun-09 0.2 0.5 0.9 0.6 0.4 0.5 0.3 0.3 0.3 0.3 0.4 -0.1 1.4 0.3 0.8Jul-09 -0.1 -0.3 2.5 -0.2 -0.3 -0.3 -0.2 -0.1 -0.2 0.0 -0.2 -0.1 -0.2 -0.5 2.8Aug-09 -0.1 -0.2 0.3 -0.7 -0.2 -0.8 -0.1 -0.1 0.0 0.1 -0.1 0.0 -0.8 -0.6 0.5Sep-09 0.5 0.5 1.5 0.4 0.5 0.3 0.5 0.5 0.5 0.9 0.5 0.5 0.0 0.4 -0.3Oct-09 0.4 0.4 -1.7 0.4 0.5 0.4 0.4 0.4 0.5 0.8 0.4 0.5 -0.3 0.4 1.7Nov-09 -0.1 0.2 0.1 0.0 -0.1 0.0 0.0 -0.1 -0.1 -0.2 0.0 -0.2 -0.1 -0.1 -1.0Dec-09 -0.3 -0.4 -1.3 -0.3 -0.4 -0.2 -0.3 -0.4 -0.4 -0.6 -0.5 -0.2 0.0 -0.2 -1.1Jan-10 -0.7 -1.0 -0.8 -1.0 -1.0 -0.8 -0.8 -0.8 -0.9 -1.2 -0.9 -0.8 -0.9 -0.7 0.8Feb-10 -0.8 -0.7 0.0 -1.2 -1.2 -0.9 -0.7 -0.8 -1.1 -1.5 -1.1 -0.7 -0.7 -0.7 -1.3Mar-10 -0.1 -0.2 1.5 -0.3 -0.3 -0.4 -0.1 -0.1 -0.2 0.0 -0.3 0.1 -0.2 -0.4 2.0Apr-10 -0.5 -0.7 0.6 -0.6 -0.6 -0.5 -0.5 -0.6 -0.6 -0.9 -0.6 -0.6 -0.4 -0.5 -0.4May-10 -1.1 -0.9 -1.7 -1.1 -1.4 -0.7 -0.9 -1.1 -1.4 -2.2 -1.4 -1.0 -0.4 -0.4 -4.5Jun-10 -0.8 -0.5 -0.9 -0.9 -1.0 -0.6 -0.6 -0.8 -1.0 -1.6 -1.0 -0.9 -0.6 -0.5 -2.1Jul-10 0.6 0.6 2.1 0.5 0.8 0.4 0.6 0.7 0.8 1.2 0.8 0.5 0.2 0.4 -0.5Aug-10 -0.2 -0.3 1.8 -0.3 -0.3 -0.3 -0.2 -0.2 -0.3 -0.2 -0.2 -0.4 -0.3 -0.4 0.5Sep-10 0.2 0.1 0.7 0.0 0.2 -0.1 0.2 0.2 0.2 0.5 0.2 0.3 -0.1 0.0 -0.2Oct-10 1.3 0.9 1.2 1.3 1.6 1.0 1.0 1.3 1.5 2.5 1.5 1.2 0.8 0.8 3.8Nov-10 -0.5 -0.3 -0.7 -0.4 -0.6 -0.3 -0.4 -0.5 -0.6 -0.9 -0.5 -0.5 -0.3 -0.3 -0.8Dec-10 -0.6 -0.2 -2.5 -1.0 -0.9 -0.7 -0.4 -0.6 -0.8 -1.2 -0.8 -0.5 -0.5 -0.4 -1.0

2 - 77

Quarterly data (index 1999 = 100)

Monthly data (monthly % change)

Table 1: Trade-weighted currency indices vs. the rest of IC36

Annual data (index 1999 = 100)

MT NL AT PL PT RO SI SK FI SE UK US JP EA16 EU27101.3 100.5 99.7 109.3 100.9 162.9 104.5 111.2 101.2 100.9 99.5 100.1 85.1 101.7 102.9 1998100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1999

98.5 97.1 97.7 103.3 97.3 80.9 92.8 102.0 95.8 100.0 103.1 104.8 112.0 91.9 91.3 200099.5 98.3 98.5 114.0 98.0 64.3 88.8 100.3 97.7 92.4 102.1 110.6 101.9 95.0 94.9 2001

100.7 99.3 99.4 109.1 98.9 54.5 86.4 101.8 99.3 94.6 103.1 109.6 96.6 98.3 100.4 2002103.5 103.2 103.1 98.1 102.4 47.0 85.8 107.7 104.6 100.5 99.0 99.7 96.3 109.6 112.9 2003105.5 104.1 104.2 95.9 103.3 43.9 84.7 112.6 106.3 102.6 103.4 93.2 97.9 113.1 119.8 2004105.1 103.8 103.5 107.4 103.1 48.8 83.7 115.3 105.9 100.1 102.2 91.4 95.6 111.9 118.8 2005106.1 104.1 103.8 111.2 103.4 50.6 83.9 119.6 106.4 100.9 103.2 90.7 90.0 113.2 122.1 2006109.4 105.2 104.8 115.0 104.6 53.7 84.1 132.1 108.1 102.6 105.2 86.1 84.7 117.2 130.2 2007111.8 107.3 105.8 125.6 106.2 49.2 84.6 143.5 110.2 100.8 91.7 82.5 94.2 122.0 131.9 2008110.4 108.9 107.1 103.4 106.9 43.6 86.3 152.9 111.9 92.2 81.1 87.7 109.2 125.4 124.6 2009106.0 106.2 104.4 109.8 104.8 42.9 84.6 149.7 107.6 99.2 81.4 84.8 116.2 117.0 115.4 2010

MT NL AT PL PT RO SI SK FI SE UK US JP EA16 EU27111.6 106.2 105.7 119.7 105.5 52.1 84.3 133.6 109.6 103.5 103.2 82.0 85.8 120.1 133.5 Q4-07112.6 107.2 106.2 123.3 106.3 49.1 84.7 135.7 110.6 103.4 97.1 80.4 91.0 122.4 134.1 Q1-08114.6 108.2 106.8 130.0 107.2 50.1 84.9 143.1 111.7 105.0 93.9 78.7 89.7 125.3 138.8 Q2-08113.5 107.5 106.0 133.2 106.6 50.6 84.2 147.0 110.9 103.0 92.7 81.1 89.3 123.1 135.3 Q3-08108.5 107.1 105.5 117.4 105.7 47.7 84.7 148.3 110.2 94.7 85.2 91.4 110.7 120.6 123.0 Q4-08109.2 108.8 107.2 99.8 106.7 43.4 86.4 153.4 112.2 89.7 79.0 94.0 115.6 125.1 120.7 Q1-09110.7 108.9 107.4 100.7 106.9 44.2 86.4 153.0 112.6 91.3 82.4 89.8 107.0 125.9 124.7 Q2-09111.5 109.0 107.3 106.6 107.1 43.8 86.1 152.1 112.5 94.7 83.8 85.6 107.4 126.1 127.8 Q3-09112.3 109.6 107.7 107.5 107.6 43.6 86.3 152.6 112.9 95.5 81.1 82.8 109.5 127.7 128.4 Q4-09109.3 107.9 106.0 111.2 106.2 44.6 85.3 150.8 110.4 97.3 80.7 84.7 111.4 122.3 121.7 Q1-10105.6 105.9 104.3 109.2 104.5 43.2 84.5 149.2 107.6 98.2 81.6 87.4 113.8 116.5 113.9 Q2-10104.8 105.4 103.9 108.9 104.2 42.3 84.3 148.8 107.0 100.6 83.4 85.9 121.0 115.2 113.2 Q3-10106.2 106.3 104.5 110.6 104.9 42.2 84.5 149.2 107.8 103.4 81.7 82.4 121.9 117.3 115.8 Q4-10

MT NL AT PL PT RO SI SK FI SE UK US JP EA16 EU270.4 0.1 -0.1 3.4 0.1 2.1 -0.3 -0.4 0.2 -0.7 0.1 -0.9 -0.7 0.1 1.0 Jul-08

-1.4 -0.7 -0.6 -1.4 -0.6 0.5 -0.4 -0.3 -1.0 -0.3 -1.3 3.8 0.9 -1.9 -3.7 Aug-08-1.5 -0.4 -0.3 -2.5 -0.4 -2.8 0.0 0.2 -0.5 -2.2 -1.9 2.6 5.3 -1.2 -3.0 Sep-08-3.0 -0.7 -0.5 -5.9 -0.8 -2.9 0.1 -0.4 -0.8 -3.6 -0.1 7.9 12.8 -2.0 -4.1 Oct-08-1.2 0.2 0.0 -3.8 -0.1 -0.7 0.3 0.7 -0.1 -2.8 -6.3 3.3 6.7 -0.2 -3.6 Nov-082.2 2.0 1.6 -5.3 1.5 -2.1 1.3 2.3 2.5 -3.5 -6.4 -2.1 4.3 4.5 2.2 Dec-08

-0.4 0.2 0.3 -5.2 0.0 -7.1 0.6 1.0 0.0 0.0 -2.1 0.9 1.6 0.3 -1.7 Jan-09-1.0 -0.4 0.1 -9.1 -0.4 -1.1 0.4 0.6 -0.3 -2.5 2.9 3.0 -0.3 -0.6 -1.8 Feb-091.9 1.0 0.7 1.2 0.8 1.0 0.5 0.4 1.3 -1.4 -2.5 0.6 -6.2 2.5 2.8 Mar-09

-0.1 -0.5 -0.5 3.8 -0.3 1.2 -0.6 -0.7 -0.6 2.4 2.3 -2.6 -2.5 -1.2 0.2 Apr-090.5 0.0 0.0 0.4 0.1 0.8 -0.1 -0.2 0.0 3.0 2.0 -3.9 -0.4 0.2 1.6 May-090.6 0.2 0.3 -2.1 0.2 -0.7 0.3 0.2 0.6 -2.3 4.1 -1.9 -1.8 0.8 2.2 Jun-09

-0.2 -0.2 -0.3 4.7 -0.1 -0.5 -0.4 -0.5 -0.3 0.3 -0.6 -0.6 1.9 -0.5 -0.1 Jul-090.3 -0.1 -0.2 3.8 0.0 -0.2 -0.3 -0.4 -0.5 5.7 -0.2 -1.8 -1.6 -0.3 0.7 Aug-090.5 0.5 0.3 -0.4 0.4 -0.2 0.3 0.3 0.4 0.7 -2.9 -1.2 2.7 1.1 0.4 Sep-090.6 0.5 0.3 -1.0 0.3 -0.8 0.3 0.4 0.4 -0.9 -2.4 -1.7 0.0 1.0 0.2 Oct-09

-0.1 -0.1 0.0 1.2 -0.1 0.0 0.0 -0.1 0.0 -0.3 2.0 -0.7 0.9 -0.2 0.6 Nov-09-0.6 -0.3 -0.3 0.4 -0.3 1.2 -0.2 -0.1 -0.4 -1.1 -0.7 0.7 0.3 -0.8 -1.6 Dec-09-1.0 -0.8 -0.7 1.2 -0.6 1.4 -0.6 -0.6 -1.0 1.1 1.0 0.8 -0.9 -1.9 -2.0 Jan-10-1.8 -0.8 -0.8 0.8 -0.7 -0.2 -0.5 -0.6 -1.3 1.4 -0.6 2.1 3.5 -2.3 -3.1 Feb-10-0.2 -0.1 -0.3 3.1 -0.1 0.7 -0.3 -0.3 -0.4 2.0 -3.4 -0.6 -0.4 -0.5 -1.1 Mar-10-0.5 -0.6 -0.4 -0.1 -0.4 -1.6 -0.3 -0.4 -0.6 0.1 2.7 0.0 -2.9 -1.2 -0.8 Apr-10-2.5 -1.0 -0.8 -5.0 -1.0 -1.8 -0.3 -0.2 -1.3 -1.4 0.2 4.1 5.2 -2.7 -4.8 May-10-1.6 -0.8 -0.6 -1.7 -0.7 -2.1 -0.3 -0.3 -1.0 0.1 2.5 0.8 2.6 -2.0 -2.3 Jun-101.1 0.6 0.5 0.9 0.5 0.0 0.3 0.2 0.7 1.7 0.1 -2.5 1.6 1.5 2.5 Jul-10

-0.3 -0.3 -0.3 2.0 -0.2 0.2 -0.3 -0.4 -0.3 0.5 1.4 -1.2 1.7 -0.6 0.1 Aug-100.4 0.2 0.1 1.0 0.2 -0.5 0.0 0.0 0.0 2.4 -1.8 -1.0 0.2 0.3 0.2 Sep-102.2 1.3 1.0 0.9 1.1 0.5 0.6 0.6 1.5 1.0 -2.6 -3.8 0.0 3.1 3.7 Oct-10

-0.8 -0.5 -0.3 -0.3 -0.4 -0.6 -0.2 -0.2 -0.5 -0.9 2.0 0.5 -0.3 -1.1 -1.0 Nov-10-1.2 -0.6 -0.6 -1.5 -0.5 -0.2 -0.2 -0.2 -1.0 1.9 -0.3 1.4 0.4 -1.6 -2.3 Dec-10

2 - 78



Table 1 cont'd: Trade-weighted currency indices vs. the rest of IC36


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BL BG CZ DK DE EE GR ES FR IE IT CY LV LT HUJul-08 -0.9 1.2 3.6 -0.2 0.8 0.8 -0.9 -0.4 -0.2 -0.2 -0.6 -0.4 0.1 0.1 4.6Aug-08 0.4 -1.2 -3.7 -0.6 -1.3 -0.4 -1.9 -1.0 -0.9 -1.3 -0.9 -0.2 -0.9 -0.2 -2.7Sep-08 -0.7 0.4 -1.2 -0.1 -0.9 0.3 1.7 -0.6 -0.9 -0.9 -0.3 0.4 0.6 0.2 -2.3Oct-08 -0.9 0.4 -0.9 -0.5 -1.3 0.4 -0.2 -0.2 -1.2 -2.2 -0.4 0.1 0.7 1.1 -7.3Nov-08 -0.1 0.3 -1.6 0.7 -0.1 0.6 0.5 0.1 -0.1 0.4 -0.1 -0.4 0.6 0.6 -1.6Dec-08 1.9 1.3 -2.2 2.5 3.2 2.2 1.6 1.6 2.1 2.8 2.2 1.2 1.9 2.0 1.5Jan-09 -1.4 1.5 -1.8 -0.1 0.0 -0.6 0.4 -0.7 0.1 -0.6 -1.2 -1.4 3.2 3.2 -3.8Feb-09 1.4 0.1 -4.7 0.0 -0.1 -1.1 -1.8 -0.9 -0.6 -1.6 -0.6 -0.8 0.6 0.1 -5.7Mar-09 0.1 0.2 5.1 1.3 0.6 0.2 2.5 0.7 1.1 1.4 2.1 1.9 0.2 0.5 -1.2Apr-09 -0.4 -0.6 0.8 -1.0 -0.8 -1.4 -0.5 0.2 -0.6 -0.6 -0.1 0.0 -1.4 -1.0 3.1May-09 -0.2 -0.2 0.0 0.1 -0.2 -0.3 0.1 -0.1 0.2 -0.2 0.2 0.4 -0.8 -0.5 6.2Jun-09 -0.1 0.4 0.7 0.5 0.6 0.1 0.0 0.5 0.2 -0.1 0.4 -0.2 0.7 -0.2 0.6Jul-09 -1.3 -0.1 2.5 -0.4 0.1 1.1 -0.4 -0.5 -0.2 -0.4 -1.0 -1.1 -0.5 -0.9 4.6Aug-09 1.7 -0.2 -0.2 -0.7 -0.2 -1.0 -1.2 0.0 0.2 0.0 -0.2 0.0 -1.9 -0.9 -0.3Sep-09 0.0 0.1 1.1 0.5 -0.1 0.0 2.3 0.2 0.3 0.5 1.3 1.0 -0.4 1.0 -0.6Oct-09 0.2 0.1 -2.1 0.3 0.4 0.3 0.6 0.9 0.4 0.5 0.6 1.2 -0.6 -0.1 1.3Nov-09 0.0 0.1 0.1 -0.1 -0.5 -0.3 0.4 0.4 -0.1 -0.4 -0.1 0.3 -0.9 -0.1 -0.6Dec-09 -0.3 -0.3 -1.5 -0.7 0.4 -0.2 -0.4 -0.6 -0.3 -1.2 -0.5 -0.9 -0.6 -0.7 -1.6Jan-10 -1.9 -0.3 0.7 -0.5 -1.5 -0.5 -1.3 -1.5 -0.8 -1.6 -2.2 -1.8 -0.7 0.6 2.5Feb-10 1.1 -0.8 -0.3 -0.7 -1.2 -1.1 -1.7 -1.4 -0.8 -1.6 -1.5 -0.7 -1.2 -1.2 -1.4Mar-10 -0.3 -0.7 1.0 -0.2 -0.5 0.2 2.2 1.1 -0.4 -0.5 0.5 0.0 -0.4 -0.7 1.9Apr-10 -0.4 0.0 0.7 -0.7 -1.1 -0.3 0.3 -0.2 -0.6 -1.2 0.0 0.0 0.2 -0.4 0.1May-10 -0.8 -0.9 -1.6 -1.3 -1.4 -0.4 -0.2 -1.1 -1.4 -2.0 -1.4 -1.2 -0.5 -0.3 -3.9Jun-10 -0.8 -0.9 -0.9 -1.0 -1.0 -0.2 -0.8 -0.7 -1.0 -1.6 -0.8 -0.5 -0.3 -0.5 -1.9Jul-10 -1.0 1.4 2.5 0.7 1.4 1.0 0.4 -0.2 0.7 1.4 0.1 -0.1 0.6 0.6 -0.3Aug-10 1.7 -0.3 1.4 0.0 -0.5 -0.4 -1.3 -0.2 -0.2 -0.3 -0.3 0.4 -1.1 -0.7 -0.2Sep-10 0.1 -0.1 0.3 0.1 -0.3 0.3 1.8 0.9 -0.1 0.1 0.6 0.8 0.0 0.3 -0.5Oct-10 1.1 0.6 0.7 1.0 1.4 1.2 0.8 1.4 1.4 2.3 2.0 1.5 0.8 0.9 3.9Nov-10 -0.4 0.1 -0.6 -0.4 -0.6 -0.1 -0.3 -0.3 -0.5 -1.2 -0.7 -1.4 -0.2 -0.4 -0.7Dec-10 -0.6 0.2 -2.6 -1.5 0.0 -0.8 -0.4 -0.6 -0.8 -1.5 -0.9 -1.2 -1.0 -0.2 -1.2

2 - 79



Table 2: Relative price indicators based on HICP / CPI (vs. the rest of IC36)



99.1 96.9 96.6 110.6 97.6 112.4 97.8 110.7 95.7 98.2 100.9 105.2 107.8 90.2 88.6 2000100.3 100.4 96.6 124.8 100.0 114.4 98.3 113.0 97.3 90.3 98.1 111.2 94.5 91.6 89.9 2001101.8 103.2 96.8 119.0 102.3 114.5 100.1 115.9 98.6 92.3 98.0 109.5 87.0 94.4 93.8 2002104.7 107.4 99.6 105.6 107.0 110.6 102.9 130.5 103.1 98.5 93.2 99.7 84.6 104.7 104.1 2003107.4 107.6 100.3 104.6 108.2 112.7 102.8 143.3 102.8 99.6 96.6 93.9 84.0 107.7 109.9 2004107.3 106.6 99.4 117.2 107.7 133.3 101.8 147.6 101.1 96.0 95.2 93.3 79.6 106.1 108.3 2005108.8 106.3 99.2 120.0 108.6 143.1 102.2 156.1 100.6 96.0 96.1 93.6 73.2 106.7 110.4 2006110.7 106.6 100.0 124.3 109.9 155.1 103.9 171.3 101.4 97.2 98.0 89.6 67.2 109.8 117.2 2007114.7 107.4 100.5 136.3 110.7 147.4 106.2 186.6 103.5 95.2 85.5 86.4 73.1 113.3 118.3 2008114.9 109.3 101.3 115.6 109.9 136.3 108.2 198.7 105.9 88.0 77.1 90.6 83.1 115.2 111.9 2009110.9 105.6 98.7 123.8 107.2 139.3 106.3 192.1 101.7 94.8 78.7 87.6 86.2 106.5 103.4 2010


MT NL AT PL PT RO SI SK FI SE UK US JP EA16 EU272.2 -0.2 -0.5 3.3 -0.3 2.7 -0.4 -0.5 -0.2 -1.3 0.0 -0.6 -0.8 -0.2 0.6 Jul-08

-1.1 -0.5 -0.6 -1.5 -1.0 0.6 -1.0 -0.2 -0.7 -0.2 -0.6 3.2 1.3 -2.0 -3.6 Aug-08-1.6 0.0 -0.1 -2.4 0.0 -2.7 -0.2 0.4 -0.2 -1.5 -1.5 2.3 5.3 -1.2 -2.9 Sep-08-1.8 -0.8 -0.5 -5.5 -1.0 -2.0 0.1 0.0 -0.7 -3.7 -0.2 7.0 13.2 -2.0 -4.1 Oct-08-3.4 0.3 0.3 -3.1 -0.2 0.1 -0.2 1.3 0.0 -2.7 -5.7 1.6 6.7 0.0 -3.1 Nov-082.8 1.4 1.6 -5.1 1.3 -1.7 0.7 2.4 2.4 -3.4 -6.3 -2.9 4.4 4.9 2.7 Dec-08

-2.2 0.7 0.1 -4.5 -0.2 -5.5 0.7 1.8 0.6 0.3 -2.4 1.7 1.1 -0.4 -2.4 Jan-09-0.6 0.1 0.0 -8.8 -0.9 -0.7 0.5 0.1 -0.2 -2.5 3.3 3.1 -1.1 -0.4 -1.3 Feb-093.2 1.9 0.6 1.8 1.4 1.0 1.0 -0.2 1.4 -1.2 -2.6 0.6 -6.1 2.4 2.8 Mar-092.0 -0.4 -0.6 4.2 -0.4 1.1 -0.6 -1.1 -0.6 2.4 2.3 -2.5 -2.7 -1.2 0.2 Apr-090.6 0.0 -0.1 0.9 -0.2 0.6 0.4 -0.3 -0.3 3.2 2.4 -3.8 -0.8 -0.1 1.5 May-090.2 -0.6 0.0 -2.1 0.1 -0.8 0.6 0.0 0.8 -2.4 4.1 -1.2 -2.4 0.6 1.9 Jun-090.0 -1.4 -0.3 5.5 0.1 -0.1 -0.8 -0.3 -0.6 0.5 -0.2 -0.5 1.9 -1.1 -0.5 Jul-090.5 -0.3 0.0 3.2 -0.6 -0.6 -0.4 -0.8 -0.4 5.6 -0.1 -1.8 -1.6 0.0 0.9 Aug-090.3 1.1 0.5 -0.3 0.4 0.1 0.1 0.3 0.7 1.0 -2.8 -1.2 2.7 0.9 0.3 Sep-090.2 0.6 0.3 -1.0 0.1 -0.7 0.2 0.4 -0.2 -0.7 -2.3 -1.7 -0.5 1.0 0.0 Oct-09

-2.8 -0.4 0.1 1.3 -0.1 0.5 0.6 0.1 0.0 -0.4 2.2 -0.8 0.6 -0.4 0.5 Nov-09-1.0 -1.3 -0.3 0.1 -0.3 1.3 -0.9 -0.5 -0.4 -1.1 -0.2 0.5 0.0 -0.6 -1.2 Dec-09-1.3 -0.7 -0.8 2.0 -0.8 3.4 -0.8 -0.3 -0.8 1.1 1.0 1.1 -1.1 -2.9 -2.9 Jan-10-1.8 -0.3 -0.9 0.8 -1.0 -0.4 -0.6 -0.9 -1.3 1.5 -0.6 1.7 3.0 -2.1 -2.9 Feb-100.6 0.7 0.0 2.6 0.2 0.1 0.0 -0.9 -0.5 1.6 -3.5 -0.6 -0.7 -0.1 -0.7 Mar-101.8 -0.5 -0.5 0.0 -0.4 -1.7 0.4 -0.3 -0.6 -0.3 3.0 -0.1 -3.2 -1.3 -0.7 Apr-10

-1.5 -1.2 -0.9 -4.8 -0.9 -1.7 0.0 -0.2 -1.6 -1.3 0.3 4.2 5.2 -2.7 -4.6 May-10-1.6 -1.5 -0.6 -1.4 -0.5 -1.9 -0.1 -0.3 -0.7 0.0 2.8 0.7 2.7 -2.1 -2.1 Jun-102.0 0.2 0.1 0.9 1.4 3.0 -0.1 0.5 0.4 1.5 0.1 -2.4 1.2 1.2 2.3 Jul-100.5 -0.4 -0.2 1.5 -0.5 0.3 -0.3 -0.7 -0.1 0.3 1.8 -1.3 1.8 -0.5 0.2 Aug-10

-0.5 0.8 0.3 1.3 -0.3 -0.3 -0.7 -0.2 0.2 2.9 -2.0 -1.2 0.4 0.3 0.1 Sep-101.3 1.3 1.1 1.0 1.1 0.6 0.4 0.4 1.7 1.1 -2.6 -4.0 0.2 3.0 3.5 Oct-10

-2.3 -0.7 -0.4 -0.3 -0.5 -0.2 0.0 0.0 -0.4 -0.8 2.3 0.4 -0.7 -1.2 -0.9 Nov-10-1.1 -1.5 -0.5 -1.7 -0.7 -0.2 -0.7 -0.5 -1.0 2.0 0.3 1.3 -0.3 -1.3 -1.7 Dec-10

2 - 80



Table 2 cont'd: Relative price indicators based on HICP / CPI (vs. the rest of IC36)


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2 - 81

Table 3: Relative price indicators based on GDP deflator (vs. the rest of IC36)

Table 4: Relative price indicators based on export prices deflator (vs. the rest of IC36)






99.6 99.3 96.7 108.6 98.5 111.5 95.5 109.2 95.7 98.1 101.8 103.7 107.4 89.8 88.4 2000101.8 103.0 96.5 120.7 100.0 116.5 96.2 109.5 97.7 90.1 100.1 109.5 94.0 91.4 90.4 2001103.8 105.6 96.2 115.2 102.0 116.7 98.2 112.4 98.3 91.9 101.9 107.9 85.9 94.3 95.4 2002107.7 109.6 98.6 101.7 106.1 120.5 100.7 122.6 100.6 97.3 98.6 97.5 82.2 104.2 106.3 2003109.3 109.1 99.1 101.3 107.0 126.7 100.3 132.7 100.5 97.3 103.3 91.3 80.5 106.1 111.4 2004109.4 109.3 98.7 114.1 106.9 154.4 98.8 136.8 98.4 93.4 101.8 90.6 75.6 104.3 109.4 2005111.6 109.2 98.8 117.3 107.3 172.2 98.9 143.2 97.3 93.4 103.5 90.5 68.5 104.1 110.9 2006115.9 109.6 99.1 122.6 108.6 201.8 100.5 155.5 99.0 95.0 106.0 86.3 62.2 106.7 117.9 2007118.5 111.7 99.3 134.3 109.8 206.7 102.3 169.4 99.9 93.5 92.9 82.1 66.8 109.2 118.1 2008118.5 111.8 99.9 113.3 109.7 185.2 106.2 175.8 101.2 86.5 82.7 87.3 75.3 111.3 111.4 2009116.2 108.6 97.0 121.0 107.4 190.9 103.2 171.1 97.3 93.7 84.5 84.4 77.5 102.4 101.9 2010


MT NL AT PL PT RO SI SK FI SE UK US JP EA16 EU2798.4 101.8 99.5 103.5 100.2 103.1 103.0 113.4 106.8 102.8 99.2 100.4 93.5 103.7 105.0 1998

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1999110.5 99.3 95.1 100.7 98.5 107.5 98.1 115.1 94.7 96.7 100.9 103.2 103.6 91.6 90.0 2000101.8 100.0 95.0 111.0 98.8 106.9 99.5 117.1 93.7 90.4 98.1 107.3 95.9 92.6 90.2 2001106.1 99.5 96.4 111.7 100.0 105.9 100.9 120.3 93.2 92.1 99.9 106.3 90.3 95.4 95.0 2002108.2 102.8 99.7 107.2 102.4 106.4 103.3 129.3 96.8 95.9 97.9 98.5 86.4 103.6 104.8 2003109.8 102.9 100.4 111.8 103.3 110.3 103.2 135.5 96.3 95.1 99.8 93.5 84.4 105.0 107.8 2004110.5 103.9 99.5 119.3 102.1 120.1 102.9 138.9 94.3 92.2 96.7 92.5 80.7 103.8 105.4 2005117.9 103.8 99.5 122.5 103.5 126.0 102.7 143.3 93.7 92.1 97.3 92.3 76.3 103.6 105.9 2006129.2 104.5 100.4 128.0 104.6 133.2 103.6 156.5 94.1 93.5 98.7 88.9 71.7 106.3 111.3 2007127.5 107.4 100.8 133.3 105.2 138.7 101.8 167.1 91.0 91.1 93.0 84.7 72.4 107.1 110.6 2008126.0 105.3 103.3 126.6 103.9 130.0 105.4 172.1 88.4 87.7 88.1 89.2 77.1 109.2 108.7 2009113.8 104.6 100.5 126.7 102.8 130.3 102.8 167.0 87.1 89.8 89.9 89.2 79.5 103.0 100.6 2010


2 - 82

Table 3 cont'd: Relative price indicators based on GDP deflator (vs. the rest of IC36)

Table 4 cont'd: Relative price indicators based on export prices defl. (vs.the rest of IC36)





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BL BG CZ DK DE EE GR ES FR IE IT CY LV LT HU1998 99.3 : 111.4 99.4 101.2 102.3 97.3 102.0 103.1 107.9 99.8 102.3 100.7 83.4 104.21999 100.0 : 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.02000 95.2 : 97.9 94.5 93.7 99.3 93.3 99.0 93.9 96.9 94.1 97.7 108.1 97.2 108.62001 97.7 : 111.6 97.9 92.4 98.6 90.9 100.3 93.3 94.2 96.1 99.2 95.2 90.8 118.22002 98.8 : 123.3 102.7 94.9 104.6 110.8 103.2 95.5 86.6 101.0 103.6 87.5 91.9 127.62003 103.8 : 128.5 111.5 99.3 109.9 113.6 111.3 97.9 95.6 113.3 109.5 87.9 100.0 123.02004 104.5 : 126.4 114.0 99.7 114.1 117.9 116.3 101.5 102.5 120.6 117.2 89.7 107.3 131.72005 104.7 : 129.4 117.4 95.8 114.6 112.1 119.9 100.2 109.0 123.9 123.6 96.2 112.0 135.52006 108.1 : 130.4 117.5 92.4 121.6 126.4 123.2 102.6 109.2 125.4 133.6 113.6 116.2 126.62007 109.4 : 133.8 122.8 92.4 137.7 134.3 128.9 105.4 104.4 129.6 136.2 140.0 119.2 135.72008 109.0 : 139.4 119.6 97.0 147.9 138.7 134.2 105.9 110.2 135.4 135.0 161.3 121.0 136.22009 107.5 : 126.1 119.1 108.7 154.4 124.2 130.6 102.6 103.8 144.0 138.7 140.0 104.7 121.32010 105.2 : 129.5 114.9 103.9 141.8 121.1 126.3 100.4 94.9 139.9 137.6 125.2 97.1 120.9

BL BG CZ DK DE EE GR ES FR IE IT CY LV LT HUQ4-07 110.0 : 137.7 123.6 93.5 143.4 138.9 132.7 106.9 106.6 132.2 136.5 154.1 123.0 136.8Q1-08 110.4 : 141.9 122.7 94.6 145.9 142.2 135.0 107.6 110.0 134.0 136.5 163.0 125.2 134.0Q2-08 110.8 : 142.6 121.4 96.8 148.2 143.8 136.8 108.3 113.2 136.5 136.8 166.7 125.4 140.2Q3-08 109.3 : 142.4 119.1 98.2 149.3 139.7 135.2 106.4 111.9 136.8 135.5 163.0 121.4 145.1Q4-08 107.6 : 133.4 118.2 100.3 152.2 134.4 133.0 103.5 107.6 137.4 135.4 157.1 116.9 129.4Q1-09 108.2 : 122.8 119.9 105.8 156.4 130.6 132.9 103.5 106.8 141.8 138.5 152.2 112.9 117.4Q2-09 107.8 : 125.6 119.8 109.1 156.9 125.4 131.3 102.8 104.7 144.4 139.1 143.0 106.9 119.8Q3-09 107.7 : 129.8 119.5 110.7 155.2 122.6 130.4 102.6 103.1 146.0 139.8 136.8 102.4 125.4Q4-09 108.3 : 128.6 120.0 111.3 153.2 122.8 130.7 103.5 102.6 147.2 141.4 132.3 100.9 126.1Q1-10 106.9 : 127.6 117.6 107.8 147.7 121.9 128.7 102.0 98.7 143.8 139.9 128.6 98.9 125.7Q2-10 105.2 : 128.3 115.1 103.9 142.5 121.5 126.4 100.3 94.6 139.9 138.0 126.3 97.8 121.8Q3-10 105.0 : 131.7 114.4 102.5 140.3 122.2 126.1 100.2 93.5 138.9 137.6 124.9 97.6 118.1Q4-10 105.8 : 133.0 115.4 103.3 140.4 123.2 126.9 101.2 94.6 140.0 139.1 124.4 97.8 121.4

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Table 5: Relative cost indicators based on ULCE (vs. the rest of IC36)

Table 6: Relative cost indicators based on ULCM (vs. the rest of IC36)






95.4 98.1 95.2 105.9 99.6 129.1 97.1 109.3 94.0 102.8 103.8 105.4 105.4 89.3 89.3 2000102.7 101.4 94.4 121.0 101.3 141.9 98.3 107.0 96.2 96.7 103.3 110.1 91.6 90.3 91.5 2001103.4 105.5 93.6 110.9 103.3 115.6 99.5 110.5 96.9 97.7 104.4 108.5 82.7 94.0 97.3 2002110.9 110.4 96.3 94.3 108.7 117.7 101.1 119.6 101.0 102.2 101.2 98.3 77.7 104.5 109.0 2003111.6 110.8 96.0 89.6 109.5 111.8 102.6 128.2 101.8 102.5 106.8 92.0 75.6 107.3 115.3 2004109.3 108.7 95.4 99.4 111.3 148.6 101.0 135.6 102.2 98.7 106.1 91.1 71.7 105.0 113.5 2005110.1 108.4 95.6 100.6 110.5 158.7 101.1 141.7 101.5 97.1 108.5 90.9 65.0 104.5 114.7 2006113.6 109.4 95.4 104.4 110.5 189.5 101.9 153.5 101.1 100.2 111.6 87.3 57.8 106.1 121.2 2007117.0 110.9 95.2 117.8 111.6 204.6 104.2 166.7 104.8 97.0 96.0 82.6 62.5 109.6 122.9 2008116.5 113.8 96.8 94.4 112.6 202.1 110.4 183.2 110.7 89.4 87.3 84.0 71.4 113.8 118.6 2009111.2 110.4 95.1 101.8 110.5 205.4 108.3 173.4 106.6 95.4 89.2 80.9 73.8 105.5 109.6 2010


MT NL AT PL PT RO SI SK FI SE UK US JP EA16 EU27: 100.8 102.7 108.4 97.8 146.0 101.1 114.5 105.3 110.2 98.5 103.9 87.1 103.4 106.8 1998: 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1999: 95.8 93.8 103.8 98.8 122.4 95.6 120.0 89.5 99.7 103.0 107.3 104.6 88.7 87.4 2000: 98.9 92.9 109.2 98.7 145.6 95.6 107.3 91.1 96.2 100.1 110.0 96.8 89.0 88.0 2001: 101.7 93.6 95.8 101.5 135.4 93.6 111.1 88.4 92.2 103.0 101.5 91.3 93.8 94.7 2002: 107.8 98.0 79.1 104.8 134.0 93.4 112.4 91.4 95.0 99.3 91.9 83.6 105.6 107.5 2003: 107.9 99.1 74.8 107.9 140.0 96.4 105.3 93.3 91.9 104.1 80.1 83.1 111.4 116.8 2004: 105.0 98.4 84.5 110.3 186.8 96.4 103.3 93.5 87.5 105.2 77.4 77.3 109.0 115.8 2005: 105.1 95.1 81.4 111.9 201.3 95.2 107.0 87.9 83.2 107.6 76.5 71.7 109.0 116.1 2006: 103.9 94.8 83.7 111.3 246.0 95.1 111.1 83.5 87.3 110.4 70.5 65.8 111.4 123.8 2007: 107.2 91.2 92.3 110.6 275.9 94.6 117.4 83.5 85.0 93.4 67.3 70.2 118.1 127.1 2008: 109.0 94.0 63.6 108.7 264.1 97.5 133.2 90.8 76.5 88.4 67.3 78.5 128.6 128.1 2009: 105.7 92.3 68.6 106.6 268.4 95.7 126.0 87.5 81.6 90.2 64.8 81.2 119.3 118.3 2010

MT NL AT PL PT RO SI SK FI SE UK US JP EA16 EU27: 104.8 94.0 89.7 111.6 260.2 95.1 109.4 82.9 88.8 106.7 67.2 65.8 114.1 127.9 Q4-07: 106.4 92.8 93.7 112.0 259.6 95.1 109.9 82.9 88.2 98.9 66.2 68.9 116.6 128.5 Q1-08: 108.0 91.9 98.6 112.3 277.9 95.0 115.8 83.7 88.8 94.8 64.9 67.3 120.3 133.6 Q2-08: 107.8 90.7 97.9 111.0 291.4 94.3 120.4 84.1 86.5 94.1 66.3 66.3 119.9 131.9 Q3-08: 107.6 90.7 81.6 109.1 281.6 95.1 124.2 85.2 79.2 88.1 73.4 81.5 119.7 122.4 Q4-08: 109.3 93.0 65.0 109.3 260.0 97.4 131.7 88.9 74.8 83.7 73.8 84.3 126.6 122.7 Q1-09: 109.2 94.2 62.1 108.9 267.1 97.8 133.9 91.2 75.9 89.4 69.2 77.4 129.4 129.1 Q2-09: 109.0 94.8 63.9 108.9 267.0 97.7 133.9 92.3 78.6 92.4 65.1 77.1 130.7 133.6 Q3-09: 109.4 95.5 64.4 109.5 267.9 98.0 133.3 92.9 79.1 90.0 62.8 78.0 132.2 134.5 Q4-09: 107.5 94.0 67.8 108.3 276.5 96.8 129.6 90.4 80.3 89.7 64.5 78.7 125.9 126.9 Q1-10: 105.4 92.4 68.1 106.8 269.9 95.8 126.1 87.6 80.9 90.5 66.9 79.8 119.1 117.9 Q2-10: 104.9 92.0 69.0 106.4 266.2 95.4 124.3 86.7 82.7 92.3 65.9 84.4 117.2 116.6 Q3-10: 105.8 92.5 70.4 106.8 266.4 95.6 124.3 87.2 84.8 90.3 63.2 84.7 119.1 119.1 Q4-10

2 - 84

Table 5 cont'd: Relative cost indicators based on ULCE (vs. the rest of IC36)

Table 6 cont'd: Relative cost indicators based on ULCM (vs. the rest of IC36)





top

country BL BG CZ DK DE EE GR ES FR IE IT CY LV LT HU MT NL ATBL 0 0.2 1.0 1.1 21.1 0.1 0.8 4.5 16.8 0.8 7.3 0.1 0.1 0.2 0.7 0.0 7.5 1.7BG 3.4 0 1.2 0.7 16.4 0.1 7.7 3.4 6.8 0.6 12.1 0.2 0.2 0.4 1.3 0.0 4.3 2.3CZ 3.3 0.4 0 1.2 30.6 0.1 0.5 3.3 7.7 0.6 7.3 0.0 0.2 0.4 2.4 0.0 5.3 4.3DK 2.7 0.1 1.0 0 18.9 0.3 0.8 3.4 6.5 1.1 5.2 0.1 0.3 0.5 0.7 0.0 4.8 1.3DE 4.0 0.3 2.0 1.7 0 0.1 0.8 5.6 11.8 1.0 9.3 0.1 0.2 0.3 1.4 0.0 6.6 4.8EE 2.4 0.2 1.0 3.3 13.2 0 0.3 1.7 3.9 0.5 3.8 0.0 7.1 4.3 0.9 0.0 4.2 1.3GR 3.9 3.2 0.9 1.0 15.8 0.1 0 4.7 7.8 0.6 13.2 4.2 0.1 0.2 1.1 0.0 4.1 2.3ES 3.5 0.2 0.8 1.0 14.7 0.1 1.2 0 18.6 0.8 10.1 0.1 0.1 0.2 0.7 0.0 4.4 1.4FR 4.4 0.2 1.0 1.0 18.8 0.1 1.0 9.3 0 1.1 10.9 0.1 0.1 0.2 0.8 0.0 5.9 1.6IE 4.6 0.1 0.6 0.8 12.4 0.0 0.5 3.9 8.1 0 5.1 0.0 0.0 0.1 0.4 0.0 5.9 0.8IT 3.3 0.4 1.1 1.0 17.6 0.1 2.0 7.5 13.0 0.8 0 0.2 0.1 0.2 1.0 0.0 4.3 2.5CY 4.6 0.5 0.9 0.7 12.7 0.1 17.7 3.0 6.1 1.1 7.3 0 0.1 0.2 0.8 0.1 4.1 2.1LV 2.6 0.3 1.3 3.9 16.9 5.0 0.3 2.4 4.0 0.8 4.8 0.2 0 9.3 1.2 0.0 4.4 1.5LT 2.7 0.4 1.5 3.8 19.0 2.7 0.2 2.4 5.7 0.6 5.7 0.0 8.4 0 1.5 0.0 4.9 1.6HU 3.0 0.6 2.9 1.1 28.5 0.1 0.9 3.8 7.0 0.7 8.1 0.1 0.2 0.4 0 0.0 4.8 4.1MT 2.4 0.1 0.6 0.8 15.3 0.0 0.2 1.7 12.8 0.6 5.9 0.1 0.0 0.0 0.5 0 2.8 0.9NL 5.4 0.2 1.3 1.4 25.9 0.1 0.8 4.3 11.2 1.5 7.3 0.1 0.1 0.2 0.9 0.0 0 1.8AT 3.0 0.5 2.3 1.0 28.4 0.1 0.8 3.7 6.5 0.5 10.7 0.0 0.1 0.2 2.1 0.0 4.2 0PL 3.3 0.4 3.0 2.1 27.6 0.4 0.5 3.6 8.1 0.6 8.7 0.0 0.7 1.3 2.0 0.0 5.5 2.7PT 3.4 0.1 0.7 0.9 15.2 0.1 0.5 22.9 14.0 0.7 6.5 0.1 0.1 0.1 0.5 0.0 4.3 1.2RO 2.8 1.7 1.5 0.7 20.4 0.1 1.7 3.2 9.2 0.5 17.2 0.1 0.1 0.2 2.4 0.0 4.0 2.9SI 2.7 0.6 2.5 1.3 25.3 0.2 0.5 2.7 7.8 0.4 14.2 0.0 0.3 0.7 2.6 0.0 4.5 5.6SK 3.1 0.3 4.5 1.3 26.1 0.1 0.7 3.7 8.4 0.5 8.4 0.1 0.2 0.3 2.8 0.0 5.2 4.9FI 3.0 0.2 1.0 2.4 17.0 1.1 0.6 3.4 6.1 0.7 5.7 0.0 0.7 0.8 1.0 0.0 5.4 1.4SE 3.2 0.2 0.8 5.8 15.0 0.4 0.5 3.4 7.0 0.8 5.2 0.0 0.4 0.5 0.7 0.0 5.2 1.3UK 3.8 0.1 0.8 1.3 15.6 0.1 0.6 4.9 10.2 4.8 6.3 0.1 0.1 0.2 0.6 0.0 6.2 1.1US 2.5 0.1 0.4 0.6 10.3 0.0 0.2 2.1 5.3 0.9 4.1 0.0 0.0 0.1 0.3 0.0 3.6 0.8JP 2.7 0.1 0.5 0.6 12.4 0.0 0.2 1.8 5.2 0.8 4.3 0.1 0.0 0.1 0.4 0.1 3.8 0.9MX 0.6 0.0 0.1 0.2 2.9 0.0 0.0 1.5 1.1 0.2 0.9 0.0 0.0 0.0 0.1 0.0 0.9 0.2CA 0.7 0.0 0.1 0.2 2.8 0.0 0.1 0.5 1.5 0.3 1.3 0.0 0.0 0.0 0.1 0.0 1.0 0.2CH 2.7 0.2 0.9 0.9 20.4 0.1 0.8 4.0 9.5 0.7 9.7 0.0 0.1 0.1 0.7 0.0 4.1 2.5NO 3.2 0.1 0.8 2.9 15.0 0.1 0.2 2.9 8.9 1.3 4.2 0.0 0.1 0.2 0.4 0.0 6.6 0.8AU 2.1 0.1 0.3 0.5 7.8 0.0 0.2 1.4 4.0 0.6 3.4 0.0 0.0 0.0 0.2 0.0 2.6 0.6NZ 1.9 0.1 0.3 0.7 7.0 0.0 0.2 1.4 3.7 0.5 3.3 0.0 0.0 0.1 0.2 0.0 2.3 0.6TR 3.6 1.2 1.0 1.2 17.5 0.1 2.1 5.3 9.1 0.7 10.7 0.0 0.2 0.4 1.2 0.1 4.8 1.9

EA16 0 0.7 3.3 2.9 0 0.4 0 0 0 0 0 0 0.4 0.7 2.8 0 0 0EU27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

country BL BG CZ DK DE EE GR ES FR IE IT CY LV LT HU MT NL ATBL 0 0.2 1.2 1.6 27.2 0.1 0.9 5.4 19.3 1.4 9.4 0.1 0.1 0.2 0.9 0.0 9.7 2.2BG 4.9 0 1.4 1.2 23.3 0.2 8.0 4.2 9.2 1.2 14.9 0.3 0.2 0.4 1.5 0.1 6.0 3.0CZ 4.1 0.4 0 1.5 34.6 0.1 0.5 3.7 8.9 0.9 8.4 0.0 0.2 0.4 2.6 0.0 6.3 4.7DK 4.3 0.2 1.3 0 26.5 0.3 0.8 4.3 9.1 1.9 7.8 0.1 0.4 0.6 1.0 0.0 6.7 2.0DE 6.7 0.4 2.4 2.6 0 0.2 1.0 7.1 16.1 2.3 13.4 0.1 0.2 0.4 1.9 0.1 9.9 6.0EE 3.6 0.3 1.1 3.8 18.1 0 0.3 2.4 5.8 1.0 5.7 0.0 7.3 4.4 1.0 0.0 5.4 1.8GR 5.2 3.6 1.1 1.3 21.0 0.1 0 5.6 9.9 1.1 15.5 4.4 0.1 0.2 1.3 0.1 5.4 2.8ES 5.0 0.2 1.0 1.4 20.6 0.1 1.3 0 21.4 1.5 12.5 0.1 0.1 0.2 0.9 0.1 6.1 1.9FR 6.4 0.3 1.3 1.5 27.0 0.1 1.1 10.6 0 2.0 14.0 0.1 0.1 0.2 1.1 0.1 8.3 2.3IE 7.1 0.2 0.9 1.5 22.1 0.1 0.6 5.4 11.8 0 8.7 0.0 0.1 0.1 0.7 0.0 8.8 1.6IT 5.4 0.5 1.4 1.7 26.4 0.2 2.1 8.9 16.5 1.7 0 0.2 0.2 0.3 1.3 0.1 6.7 3.3CY 5.8 0.6 1.0 1.0 16.5 0.1 18.3 3.6 8.0 1.5 9.2 0 0.1 0.2 0.9 0.1 5.3 2.5LV 3.4 0.3 1.4 4.4 20.5 5.2 0.4 2.8 5.4 1.2 6.1 0.2 0 9.6 1.1 0.0 5.2 1.9LT 3.8 0.4 1.5 4.3 23.6 2.8 0.3 3.0 7.5 1.1 7.4 0.0 8.7 0 1.3 0.0 5.9 2.0HU 3.9 0.7 3.1 1.4 32.9 0.1 1.0 4.3 8.4 1.0 9.6 0.1 0.2 0.4 0 0.0 5.9 4.5MT 5.0 0.2 0.9 1.5 26.8 0.1 0.3 3.1 17.6 1.9 10.0 0.1 0.0 0.1 0.8 0 5.5 1.8NL 7.0 0.3 1.5 1.8 31.9 0.1 0.8 5.1 13.5 2.2 9.3 0.1 0.1 0.2 1.1 0.0 0 2.3AT 4.3 0.6 2.6 1.4 34.8 0.1 0.9 4.5 8.5 1.1 12.9 0.1 0.2 0.3 2.4 0.0 5.6 0PL 4.2 0.4 3.2 2.4 32.0 0.4 0.6 4.1 9.5 1.0 10.1 0.1 0.7 1.3 2.1 0.0 6.6 3.1PT 4.5 0.2 0.8 1.2 19.8 0.1 0.6 24.1 16.2 1.2 8.2 0.1 0.1 0.1 0.7 0.0 5.7 1.6RO 3.9 1.9 1.8 1.1 26.0 0.1 1.8 3.8 11.1 1.0 19.6 0.1 0.1 0.3 2.7 0.0 5.4 3.5SI 3.6 0.7 2.5 1.6 29.3 0.2 0.5 3.2 9.3 0.9 15.8 0.0 0.2 0.5 2.5 0.0 5.3 6.1SK 3.8 0.4 4.8 1.5 29.7 0.1 0.7 4.1 9.5 0.8 9.5 0.1 0.2 0.3 3.0 0.0 6.1 5.3FI 5.0 0.3 1.2 3.0 25.3 1.2 0.7 4.5 9.3 1.6 8.8 0.0 0.8 0.8 1.1 0.0 7.7 2.1SE 5.2 0.3 1.2 6.5 24.5 0.5 0.6 4.6 10.3 1.8 8.6 0.0 0.4 0.6 1.1 0.0 7.7 2.2UK 6.6 0.2 1.1 2.1 27.0 0.1 0.8 6.6 14.6 7.0 10.6 0.1 0.1 0.2 0.9 0.1 9.5 2.0US 6.4 0.2 0.8 1.9 26.8 0.1 0.4 5.4 11.8 2.1 11.2 0.0 0.1 0.2 0.7 0.1 7.6 2.3JP 6.6 0.2 0.9 1.6 29.1 0.1 0.4 3.7 11.6 2.8 10.1 0.1 0.1 0.1 0.8 0.1 7.8 2.2MX 6.8 0.1 0.7 1.8 27.7 0.1 0.3 4.3 9.8 5.2 9.6 0.0 0.0 0.1 0.6 0.1 6.9 2.2CA 6.7 0.1 0.7 1.8 27.1 0.1 0.3 3.2 9.9 5.2 9.5 0.0 0.0 0.1 0.6 0.1 6.9 2.2CH 4.7 0.3 1.2 1.5 29.3 0.1 0.9 5.2 12.9 1.7 13.0 0.0 0.1 0.2 1.0 0.1 6.3 3.2NO 4.5 0.1 0.9 3.3 20.1 0.1 0.3 3.5 10.9 1.9 5.9 0.0 0.1 0.2 0.6 0.0 8.3 1.2AU 6.4 0.2 0.8 1.9 27.9 0.1 0.3 3.5 12.3 2.6 10.4 0.0 0.0 0.1 0.7 0.2 7.3 2.2NZ 6.3 0.2 0.8 2.2 26.7 0.1 0.4 4.1 11.6 2.9 10.9 0.1 0.0 0.1 0.7 0.1 6.8 2.3TR 4.8 1.2 1.2 1.5 22.4 0.2 2.2 6.1 11.2 1.2 13.0 0.0 0.2 0.4 1.4 0.1 6.2 2.4

EA16 0 1.7 6.0 7.4 0 0.8 0 0 0 0 0 0 0.6 1.3 5.5 0 0 0

Table 7.1: Double export weights (2007) in relation to the rest of IC36

2 - 85

Table 7.2: Double export weights (2007) in relation to (the rest of) EU27

PL PT RO SI SK FI SE UK US JP MX CA CH NO AU NZ TR sum country1.8 0.8 0.5 0.2 0.4 1.0 1.9 8.8 9.5 3.9 0.5 1.1 1.9 1.2 1.0 0.1 1.7 100 BL2.5 0.3 3.9 1.1 0.6 1.1 1.3 4.3 6.1 3.1 0.3 0.8 1.2 0.5 0.5 0.1 11.3 100 BG5.7 0.5 1.3 0.7 2.4 1.0 2.0 6.2 4.7 2.4 0.3 0.4 1.8 1.0 0.5 0.1 1.3 100 CZ2.6 0.6 0.4 0.3 0.4 2.8 10.5 9.0 9.9 4.8 0.5 1.3 1.3 5.4 1.2 0.2 1.1 100 DK4.0 0.9 0.9 0.5 0.8 1.5 2.7 9.0 12.8 5.9 0.9 1.2 3.4 1.4 1.4 0.2 2.3 100 DE3.1 0.3 0.3 0.5 0.4 13.7 10.6 4.7 7.1 2.8 0.3 1.1 0.9 3.5 0.4 0.1 2.2 100 EE1.9 0.9 3.8 0.7 0.5 0.9 1.5 7.0 7.4 3.3 0.5 0.8 1.2 0.6 1.0 0.1 4.9 100 GR1.6 7.0 0.6 0.3 0.3 0.8 1.4 8.5 9.0 3.5 1.9 0.9 1.6 1.2 1.1 0.2 2.3 100 ES1.9 1.3 0.7 0.3 0.4 0.9 1.8 9.7 11.7 5.8 0.8 1.2 2.4 1.0 1.4 0.2 2.1 100 FR1.0 0.6 0.3 0.1 0.2 0.7 1.5 17.4 20.8 5.1 1.0 1.2 2.7 1.2 1.5 0.2 0.9 100 IE2.6 1.0 1.4 0.7 0.5 1.0 1.6 7.4 12.3 5.3 1.2 1.3 3.1 0.9 1.5 0.2 2.9 100 IT1.1 0.5 2.5 0.3 0.4 0.8 1.4 14.5 5.1 4.8 0.2 0.6 1.1 0.7 1.3 0.2 2.2 100 CY5.5 0.2 0.5 0.7 0.6 5.4 7.3 7.8 4.3 2.5 0.2 0.6 1.1 2.7 0.3 0.1 1.4 100 LV6.9 0.3 0.7 0.9 0.6 3.5 4.5 6.0 5.6 2.5 0.2 0.8 1.1 2.6 0.3 0.1 2.3 100 LT4.5 0.7 3.7 0.9 1.5 1.1 1.6 5.8 5.2 2.6 0.4 0.5 1.6 0.8 0.5 0.1 2.4 100 HU1.0 0.5 0.2 0.1 0.2 1.9 1.1 10.3 18.4 14.1 0.6 1.4 1.2 0.7 2.1 0.2 0.9 100 MT2.3 0.8 0.5 0.3 0.5 1.3 2.2 10.4 8.6 3.6 0.6 0.9 1.7 1.3 0.8 0.1 1.6 100 NL3.2 0.6 1.7 1.2 1.1 0.9 1.5 5.0 8.2 3.7 0.5 1.0 3.4 0.9 1.0 0.2 1.7 100 AT

0 0.5 1.5 0.7 1.2 1.5 3.2 7.1 4.6 2.4 0.3 0.7 1.4 2.1 0.4 0.1 2.0 100 PL1.1 0 0.4 0.1 0.3 0.8 1.5 7.2 8.4 3.5 0.6 0.8 1.2 0.8 0.7 0.1 1.3 100 PT2.8 0.3 0 0.7 0.8 0.8 1.3 5.4 5.4 2.7 0.3 0.5 1.4 1.3 0.4 0.1 7.3 100 RO4.6 0.4 2.0 0 1.2 1.6 1.6 4.1 4.5 2.5 0.3 0.5 1.6 0.7 0.4 0.1 2.3 100 SI6.0 0.5 1.7 0.7 0 1.0 1.9 5.9 4.6 2.0 0.3 0.5 1.4 0.8 0.4 0.1 1.7 100 SK3.1 0.5 0.5 0.5 0.4 0 8.2 7.4 11.6 6.4 0.6 1.3 1.5 3.3 1.4 0.2 2.1 100 FI2.6 0.6 0.4 0.2 0.3 5.3 0 8.2 11.9 4.8 0.7 1.5 1.3 8.2 1.7 0.2 1.4 100 SE1.4 0.8 0.4 0.2 0.3 1.2 2.4 0 19.6 6.5 0.8 2.0 1.9 1.7 1.9 0.3 1.7 100 UK0.6 0.4 0.2 0.1 0.1 0.7 1.2 6.4 0 17.0 12.6 21.3 2.0 0.8 3.6 0.5 1.1 100 US0.6 0.3 0.2 0.1 0.2 1.0 1.3 5.7 39.3 0 2.2 3.4 1.9 0.8 6.8 0.9 1.0 100 JP0.1 0.1 0.0 0.0 0.0 0.2 0.3 1.3 81.1 3.0 0 4.1 0.4 0.2 0.4 0.1 0.1 100 MX0.2 0.1 0.1 0.0 0.0 0.3 0.4 3.2 76.9 5.0 2.4 0 0.5 0.8 0.8 0.2 0.3 100 CA1.5 0.6 0.5 0.3 0.4 0.8 1.3 6.3 15.0 8.3 1.0 1.8 0 0.9 1.8 0.2 1.8 100 CH1.5 0.7 0.2 0.1 0.3 1.5 5.1 23.8 10.0 3.6 0.4 2.8 1.1 0 0.7 0.1 0.7 100 NO0.3 0.2 0.2 0.1 0.1 1.0 1.0 6.2 19.3 36.0 0.8 2.2 1.7 0.5 0 5.5 0.9 100 AU0.3 0.3 0.1 0.1 0.1 0.5 0.8 5.9 20.8 20.0 1.9 2.3 1.0 0.6 22.3 0 0.7 100 NZ2.3 0.7 3.0 0.7 0.5 1.3 1.6 9.7 9.7 4.2 0.4 0.9 1.6 0.9 1.0 0.2 0 100 TR6.7 0 2.0 0 0 0 4.9 18.5 23.7 11.7 1.8 2.4 6.0 2.0 3.1 0.5 5.6 100 EA16

0 0 0 0 0 0 0 0 40.6 20.9 2.7 4.1 9.3 4.3 5.6 0.9 11.5 100 EU27

PL PT RO SI SK FI SE UK sum country2.1 0.9 0.6 0.3 0.5 1.4 2.7 11.6 100 BL2.9 0.5 4.2 1.2 0.7 1.5 2.6 6.5 100 BG5.9 0.6 1.4 0.7 2.6 1.2 2.6 7.6 100 CZ3.0 0.7 0.6 0.4 0.5 3.4 11.9 12.1 100 DK4.6 1.1 1.2 0.7 1.0 2.4 4.4 13.9 100 DE3.2 0.4 0.4 0.4 0.5 14.6 11.9 6.6 100 EE2.2 1.1 4.0 0.8 0.5 1.3 2.3 9.2 100 GR1.9 7.4 0.7 0.3 0.4 1.2 2.3 11.4 100 ES2.3 1.6 0.8 0.4 0.5 1.5 3.0 13.4 100 FR1.5 0.8 0.4 0.2 0.4 1.4 2.9 22.7 100 IE3.0 1.2 1.6 0.8 0.6 1.7 2.9 11.3 100 IT1.1 0.7 2.7 0.2 0.5 1.0 1.9 16.8 100 CY5.5 0.3 0.6 0.5 0.6 5.5 8.4 9.4 100 LV6.7 0.4 0.8 0.6 0.6 3.5 5.7 7.8 100 LT4.6 0.8 3.9 0.9 1.5 1.2 2.3 7.3 100 HU1.3 0.8 0.4 0.2 0.4 2.8 2.5 15.8 100 MT2.5 1.0 0.6 0.3 0.6 1.7 3.0 13.0 100 NL3.6 0.7 1.9 1.3 1.2 1.3 2.4 7.3 100 AT

0 0.5 1.7 0.6 1.3 1.6 4.0 8.6 100 PL1.3 0 0.5 0.2 0.3 1.1 2.1 9.4 100 PT3.2 0.4 0 0.7 0.9 1.2 2.2 7.2 100 RO4.4 0.5 2.2 0 1.2 1.4 2.6 5.4 100 SI6.2 0.5 1.8 0.8 0 1.2 2.4 7.1 100 SK3.3 0.7 0.7 0.5 0.5 0 9.8 11.0 100 FI3.2 0.8 0.6 0.4 0.5 6.2 0 11.9 100 SE1.9 1.0 0.6 0.3 0.5 2.0 3.9 0 100 UK1.2 0.7 0.3 0.2 0.3 1.8 3.4 14.0 100 US1.1 0.7 0.4 0.2 0.4 2.1 3.3 13.5 100 JP0.7 0.8 0.3 0.1 0.4 1.6 3.5 16.4 100 MX0.7 0.7 0.3 0.1 0.4 1.7 3.6 17.8 100 CA1.8 0.8 0.6 0.3 0.5 1.4 2.5 10.5 100 CH1.7 0.8 0.3 0.2 0.4 1.8 5.8 27.1 100 NO0.7 0.7 0.4 0.1 0.3 2.5 3.3 15.0 100 AU0.8 0.6 0.3 0.2 0.3 1.9 3.8 15.8 100 NZ2.6 0.9 3.1 0.7 0.5 1.7 2.3 12.2 100 TR

10.2 0 3.5 0 0 0 14.7 48.3 100 EA16

Table 7.1 cont'd: Double export weights (2007) in relation to the rest of IC36

2 - 86

Table 7.2 cont'd: Double export weights (2007) in relation to (the rest of) EU27

country BL DE GR ES FR IE IT CY MT NL AT PT SI SK FI sumBL 0 35.8 1.0 6.4 22.2 2.2 11.9 0.1 0.1 12.9 3.0 1.1 0.5 0.9 2.1 100BG 6.5 30.5 8.5 5.4 11.5 1.4 18.3 0.3 0.1 8.2 3.9 0.6 1.6 1.2 2.1 100CZ 5.7 43.8 0.7 4.6 11.1 1.5 10.8 0.0 0.0 8.9 5.8 0.7 1.0 3.5 2.0 100DK 7.1 38.0 1.0 5.7 12.4 3.2 10.4 0.1 0.1 11.0 2.8 1.0 0.5 0.9 6.0 100DE 11.1 0 1.3 9.4 22.1 4.3 19.0 0.1 0.1 16.2 8.0 1.5 1.0 1.9 4.0 100EE 6.6 33.3 0.5 3.8 9.1 1.7 9.3 0.0 0.0 10.2 3.0 0.7 0.9 1.2 19.8 100GR 7.4 30.3 0 6.8 12.9 2.0 18.1 4.8 0.1 8.5 3.6 1.3 1.0 1.0 2.1 100ES 6.7 28.1 1.4 0 24.3 2.3 14.9 0.1 0.1 8.6 2.7 7.8 0.5 0.8 1.8 100FR 8.8 36.8 1.3 12.0 0 3.1 17.2 0.1 0.1 11.6 3.2 1.8 0.6 1.0 2.3 100IE 10.0 34.2 0.8 6.8 15.6 0 12.3 0.0 0.1 12.7 2.8 1.0 0.5 1.0 2.4 100IT 7.7 36.3 2.3 10.3 20.1 2.8 0 0.2 0.1 9.9 4.2 1.5 1.0 1.1 2.5 100CY 8.1 26.0 19.0 4.9 11.1 2.5 12.3 0 0.1 8.2 3.6 0.9 0.5 1.0 1.8 100LV 6.8 37.6 0.5 4.7 9.0 2.1 10.4 0.2 0.0 10.7 3.2 0.5 1.3 1.3 11.5 100LT 6.2 39.6 0.5 4.4 10.3 1.6 11.3 0.0 0.0 10.8 3.5 0.6 1.6 1.5 8.1 100HU 5.5 42.3 1.2 5.2 10.7 1.6 12.5 0.1 0.0 8.4 5.8 0.9 1.3 2.5 2.0 100MT 6.8 35.9 0.4 4.1 20.8 2.7 12.9 0.1 0 7.9 2.6 1.0 0.3 0.6 3.7 100NL 9.6 42.4 1.0 6.3 16.8 3.3 12.1 0.1 0.1 0 3.2 1.1 0.5 1.0 2.5 100AT 6.3 43.8 1.0 5.6 11.2 2.0 15.5 0.1 0.1 8.4 0 0.9 1.5 1.6 2.1 100PL 5.9 41.6 0.7 5.1 11.7 1.6 12.6 0.1 0.0 9.7 4.1 0.7 1.1 2.1 3.1 100PT 5.8 25.6 0.7 25.5 18.4 1.8 10.0 0.1 0.0 7.5 2.1 0 0.3 0.6 1.6 100RO 5.3 33.5 2.3 4.8 13.3 1.4 22.4 0.1 0.1 7.6 4.4 0.5 1.0 1.4 1.7 100SI 5.6 37.6 0.6 4.2 12.0 1.9 17.9 0.0 0.0 8.4 7.0 0.7 0 1.9 2.1 100SK 6.3 39.5 0.9 5.5 12.9 2.1 12.8 0.1 0.0 9.7 6.1 0.7 1.0 0 2.4 100FI 7.8 38.0 0.9 6.1 13.3 2.9 12.5 0.1 0.1 12.0 3.4 0.9 0.7 1.3 0 100SE 7.5 34.1 0.7 6.0 13.1 2.8 10.8 0.1 0.1 11.8 2.9 1.0 0.5 0.8 8.0 100UK 7.6 31.3 0.8 6.8 15.9 7.6 11.7 0.1 0.1 10.9 2.4 1.1 0.3 0.6 2.6 100US 8.5 34.8 0.5 6.7 15.0 3.0 14.2 0.0 0.1 10.0 3.1 0.9 0.3 0.5 2.5 100JP 8.5 37.3 0.5 4.6 14.8 3.8 12.9 0.1 0.2 10.1 2.8 0.9 0.3 0.5 2.7 100MX 9.1 36.6 0.4 5.4 12.9 7.0 12.6 0.0 0.1 9.1 2.9 1.0 0.2 0.5 2.2 100CA 9.1 36.6 0.4 4.3 13.3 7.1 12.7 0.0 0.1 9.5 2.9 0.9 0.2 0.5 2.3 100CH 6.4 36.7 1.0 6.1 15.4 2.5 15.3 0.0 0.1 8.6 3.9 1.0 0.4 0.7 2.0 100NO 8.5 33.8 0.4 5.4 16.0 4.3 9.5 0.0 0.1 14.3 2.1 1.1 0.3 0.8 3.3 100AU 8.5 36.3 0.4 4.5 15.8 3.6 13.3 0.0 0.2 9.7 2.9 0.9 0.2 0.4 3.2 100NZ 8.5 35.5 0.5 5.3 15.2 4.1 14.2 0.1 0.1 9.3 3.0 0.8 0.2 0.4 2.6 100TR 6.9 31.4 2.7 7.4 14.3 2.1 16.7 0.1 0.2 9.2 3.4 1.0 1.1 0.9 2.6 100

2 - 87

Table 7.3: Double export weights (2007) in relation to (the rest of) EA16

country BL BG CZ DK DE EE GR ES FR IE IT CY LV LT HU MT NL AT PL PTBL 0 0.1 0.9 1.1 19.2 0.1 0.7 4.3 16.0 0.7 6.7 0.0 0.1 0.1 0.6 0.0 6.3 1.5 1.6 0.7BG 2.6 0 1.0 0.6 13.7 0.1 7.4 3.1 6.1 0.5 11.0 0.2 0.1 0.2 1.1 0.0 3.6 2.0 2.1 0.3CZ 2.8 0.3 0 1.1 28.1 0.1 0.4 3.1 7.2 0.6 6.6 0.0 0.2 0.3 2.1 0.0 4.7 4.0 5.1 0.5DK 2.3 0.1 0.9 0 17.0 0.2 0.7 3.2 6.0 1.0 4.6 0.0 0.3 0.4 0.6 0.0 4.1 1.2 2.3 0.6DE 3.1 0.2 1.7 1.6 0 0.1 0.8 5.2 10.9 0.9 8.2 0.0 0.1 0.2 1.1 0.0 5.5 4.5 3.5 0.8EE 1.9 0.1 0.7 3.0 10.1 0 0.2 1.3 3.2 0.4 2.8 0.0 6.2 3.6 0.6 0.0 3.2 1.0 2.3 0.3GR 3.3 2.8 0.8 0.9 14.0 0.1 0 4.4 7.1 0.5 12.1 3.0 0.1 0.1 0.9 0.0 3.5 2.0 1.6 0.8ES 2.9 0.1 0.7 0.9 13.1 0.1 1.1 0 17.8 0.7 9.3 0.1 0.1 0.1 0.6 0.0 3.8 1.2 1.4 6.7FR 3.4 0.2 0.9 0.9 16.8 0.1 0.9 8.8 0 1.0 9.9 0.1 0.1 0.1 0.7 0.0 5.2 1.4 1.7 1.2IE 3.4 0.1 0.6 0.8 11.5 0.0 0.5 3.8 7.7 0 4.8 0.0 0.0 0.1 0.4 0.0 5.5 0.8 0.9 0.5IT 2.7 0.3 0.9 0.9 15.3 0.1 1.9 7.1 12.1 0.7 0 0.1 0.1 0.2 0.8 0.0 3.6 2.2 2.2 1.0CY 3.9 0.5 0.7 0.7 10.8 0.1 17.2 2.6 5.3 1.0 6.4 0 0.1 0.2 0.7 0.1 3.5 1.8 0.9 0.5LV 2.0 0.2 1.0 3.6 12.7 4.1 0.3 2.0 3.2 0.7 3.4 0.1 0 7.9 0.7 0.0 3.2 1.1 4.4 0.2LT 1.9 0.2 1.0 3.4 13.8 2.2 0.2 2.0 4.7 0.5 4.0 0.0 7.4 0 0.9 0.0 3.5 1.1 5.6 0.3HU 2.6 0.5 2.5 1.0 25.7 0.1 0.8 3.5 6.4 0.6 7.3 0.0 0.2 0.3 0 0.0 4.1 3.8 4.0 0.7MT 2.0 0.1 0.5 0.7 13.1 0.0 0.2 1.5 12.0 0.5 5.2 0.1 0.0 0.0 0.5 0 2.4 0.8 0.9 0.5NL 4.1 0.2 1.2 1.3 24.0 0.1 0.7 4.1 10.7 1.4 6.7 0.0 0.1 0.2 0.8 0.0 0 1.7 2.0 0.8AT 2.7 0.4 2.1 0.9 26.0 0.1 0.7 3.4 5.9 0.5 9.9 0.0 0.1 0.2 1.8 0.0 3.6 0 2.9 0.5PL 2.7 0.3 2.6 1.9 24.4 0.3 0.5 3.3 7.4 0.6 7.7 0.0 0.5 1.0 1.7 0.0 4.6 2.3 0 0.4PT 2.9 0.1 0.6 0.8 14.0 0.1 0.5 22.2 13.3 0.7 5.9 0.0 0.1 0.1 0.5 0.0 3.8 1.1 1.0 0RO 2.3 1.5 1.3 0.6 18.1 0.1 1.6 2.9 8.6 0.5 16.1 0.1 0.1 0.2 2.1 0.0 3.4 2.6 2.5 0.3SI 2.0 0.6 2.1 1.1 20.9 0.1 0.4 2.4 6.8 0.4 12.6 0.0 0.2 0.4 2.2 0.0 3.4 5.1 3.9 0.4SK 2.7 0.3 4.1 1.2 24.0 0.1 0.6 3.5 7.9 0.5 7.7 0.0 0.2 0.2 2.4 0.0 4.6 4.6 5.5 0.4FI 2.3 0.1 0.7 2.1 13.2 0.9 0.5 3.0 5.2 0.6 4.3 0.0 0.6 0.6 0.6 0.0 4.2 1.0 2.4 0.4SE 2.5 0.1 0.7 5.5 13.2 0.4 0.5 3.2 6.4 0.7 4.5 0.0 0.3 0.4 0.6 0.0 4.5 1.2 2.3 0.6UK 3.0 0.1 0.7 1.2 13.7 0.1 0.6 4.6 9.4 4.6 5.6 0.1 0.1 0.1 0.5 0.0 5.3 1.0 1.3 0.7US 1.6 0.1 0.3 0.5 6.9 0.0 0.2 1.5 3.9 0.7 2.8 0.0 0.0 0.1 0.2 0.0 2.6 0.5 0.5 0.3JP 1.4 0.1 0.3 0.3 6.1 0.0 0.2 1.2 2.9 0.4 2.4 0.0 0.0 0.0 0.2 0.0 2.2 0.5 0.4 0.2MX 0.4 0.0 0.1 0.1 2.3 0.0 0.0 1.3 0.8 0.2 0.7 0.0 0.0 0.0 0.1 0.0 0.7 0.1 0.1 0.1CA 0.5 0.0 0.1 0.2 2.2 0.0 0.0 0.5 1.2 0.3 1.0 0.0 0.0 0.0 0.1 0.0 0.8 0.2 0.1 0.1CH 2.2 0.1 0.8 0.8 18.3 0.0 0.7 3.8 8.8 0.6 8.9 0.0 0.1 0.1 0.6 0.0 3.5 2.3 1.3 0.6NO 2.7 0.1 0.7 2.7 13.7 0.1 0.2 2.8 8.5 1.2 3.8 0.0 0.1 0.1 0.4 0.0 5.7 0.7 1.4 0.6AU 1.3 0.1 0.2 0.3 4.1 0.0 0.1 1.0 2.6 0.4 2.2 0.0 0.0 0.0 0.1 0.0 1.7 0.4 0.2 0.2NZ 1.3 0.1 0.2 0.5 4.8 0.0 0.2 1.2 2.8 0.4 2.5 0.0 0.0 0.0 0.2 0.0 1.7 0.4 0.2 0.2TR 2.8 1.0 0.8 1.0 14.2 0.1 2.0 4.8 7.9 0.7 9.2 0.0 0.1 0.2 1.0 0.1 3.8 1.6 1.8 0.7BR 1.9 0.1 0.3 0.5 7.8 0.0 0.3 3.1 4.4 0.5 4.6 0.1 0.0 0.1 0.2 0.0 3.7 0.5 0.5 1.0HK 0.9 0.0 0.2 0.3 4.8 0.0 0.1 0.9 2.2 0.3 1.9 0.0 0.0 0.0 0.2 0.0 1.4 0.4 0.3 0.1KO 1.4 0.1 0.4 0.3 6.1 0.0 0.5 1.6 2.8 0.4 2.7 0.1 0.0 0.0 0.4 0.0 1.8 0.6 0.9 0.2RU 2.8 0.8 1.4 0.8 13.9 0.3 0.9 2.3 4.5 0.5 9.2 0.7 0.6 0.9 1.6 0.0 6.4 1.6 4.2 0.5CN 1.8 0.1 0.4 0.6 7.3 0.0 0.3 1.8 3.6 0.6 3.5 0.0 0.1 0.1 0.4 0.0 2.8 0.5 0.7 0.3

EA16 0 0.5 2.5 2.4 0 0.2 0 0 0 0 0 0 0.2 0.4 1.8 0 0 0 5.2 0EU27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Table 7.4: Double export weights (2007) in relation to the rest of broad group (41)

2 - 88

RO SI SK FI SE UK US JP MX CA CH NO AU NZ TR BR HK KO RU CN country0.4 0.2 0.4 0.8 1.7 8.3 8.0 2.6 0.4 0.9 1.7 1.1 0.7 0.1 1.5 1.0 0.6 1.3 2.9 4.5 BL3.7 1.0 0.5 0.6 1.0 3.7 4.9 1.8 0.3 0.6 1.0 0.5 0.4 0.1 10.5 0.7 0.5 1.3 6.8 4.5 BG1.2 0.6 2.0 0.8 1.9 5.8 4.0 1.6 0.3 0.4 1.6 1.0 0.4 0.1 1.1 0.5 0.5 1.2 4.8 3.3 CZ0.4 0.2 0.3 2.5 10.1 8.5 8.4 3.3 0.5 1.2 1.1 5.2 0.9 0.1 0.9 0.9 0.6 1.4 3.4 4.6 DK0.8 0.4 0.7 1.2 2.4 8.2 10.3 3.4 0.8 1.0 3.0 1.2 0.9 0.1 1.9 1.3 0.8 1.8 4.9 6.3 DE0.2 0.2 0.3 12.0 9.9 4.1 5.9 1.7 0.2 1.0 0.7 3.3 0.3 0.0 1.6 0.6 0.4 1.0 11.4 3.9 EE3.5 0.6 0.4 0.7 1.3 6.4 6.3 2.3 0.4 0.7 1.1 0.5 0.8 0.1 4.4 0.8 0.4 1.7 5.8 3.7 GR0.5 0.2 0.3 0.6 1.3 8.0 7.4 2.3 1.7 0.7 1.4 1.1 0.9 0.1 2.1 1.6 0.5 1.4 2.7 4.3 ES0.6 0.2 0.4 0.7 1.6 9.0 9.5 3.7 0.7 1.0 2.1 0.9 1.0 0.2 1.8 1.5 0.8 2.0 2.8 6.2 FR0.3 0.1 0.2 0.6 1.4 16.8 19.3 3.7 0.9 1.1 2.5 1.2 1.2 0.1 0.8 0.7 0.7 1.3 1.4 4.6 IE1.3 0.6 0.4 0.7 1.4 6.7 10.0 3.3 1.1 1.1 2.8 0.8 1.1 0.2 2.5 1.4 0.7 1.9 4.2 5.7 IT2.3 0.2 0.4 0.5 1.2 13.7 3.9 3.5 0.1 0.5 0.9 0.6 1.0 0.2 1.8 0.5 0.6 2.1 4.2 4.7 CY0.3 0.3 0.4 4.3 6.6 7.1 3.2 1.4 0.1 0.5 0.9 2.6 0.2 0.1 0.8 0.4 0.4 0.8 16.0 3.3 LV0.5 0.5 0.4 2.3 3.9 5.2 4.4 1.2 0.2 0.6 0.7 2.4 0.2 0.1 1.5 0.3 0.4 0.8 18.2 3.8 LT3.4 0.8 1.3 0.7 1.4 5.3 4.3 1.6 0.3 0.4 1.4 0.7 0.3 0.1 2.1 0.4 0.4 1.1 6.1 3.8 HU0.2 0.1 0.2 1.7 0.9 9.6 15.0 9.4 0.5 1.1 1.0 0.6 1.2 0.2 0.8 0.8 1.6 3.0 1.2 10.1 MT0.5 0.2 0.4 1.1 2.1 9.9 7.4 2.4 0.5 0.7 1.5 1.2 0.6 0.1 1.4 0.9 0.6 1.5 2.9 4.0 NL1.6 1.1 0.9 0.7 1.4 4.6 6.9 2.4 0.5 0.9 3.1 0.8 0.8 0.1 1.4 0.8 0.6 1.5 4.3 4.1 AT1.4 0.5 1.0 1.0 2.9 6.5 3.6 1.4 0.2 0.6 1.2 2.0 0.3 0.1 1.7 0.6 0.4 0.9 7.6 3.7 PL0.4 0.1 0.3 0.7 1.4 6.7 7.1 2.5 0.5 0.7 1.0 0.7 0.6 0.1 1.1 1.3 0.5 1.3 1.5 3.9 PT

0 0.6 0.7 0.5 1.1 5.0 4.4 1.7 0.2 0.4 1.2 1.2 0.3 0.1 6.7 0.6 0.5 1.1 5.1 3.9 RO1.9 0 1.0 0.7 1.3 3.4 3.5 1.1 0.2 0.4 1.3 0.6 0.3 0.1 1.9 0.4 0.4 0.9 11.1 4.5 SI1.6 0.6 0 0.8 1.7 5.5 4.0 1.4 0.2 0.4 1.3 0.8 0.3 0.1 1.5 0.4 0.4 0.8 4.5 3.1 SK0.3 0.2 0.3 0 7.7 6.6 9.0 3.7 0.5 1.1 1.1 3.1 1.0 0.1 1.4 1.3 0.8 1.8 10.6 6.5 FI0.3 0.2 0.3 4.6 0 7.7 10.1 3.1 0.6 1.3 1.1 8.0 1.4 0.2 1.2 1.2 0.7 1.5 3.6 5.2 SE0.4 0.1 0.3 1.0 2.2 0 17.3 4.2 0.7 1.8 1.7 1.6 1.5 0.2 1.5 1.1 0.8 2.0 2.7 6.3 UK0.1 0.1 0.1 0.5 0.8 5.3 0 9.8 11.6 20.1 1.4 0.6 2.3 0.4 0.9 4.0 1.5 4.8 1.7 11.6 US0.1 0.1 0.1 0.5 0.7 3.6 25.9 0 1.8 2.2 0.9 0.4 3.3 0.5 0.7 1.5 3.0 9.6 2.4 23.9 JP0.0 0.0 0.0 0.1 0.2 1.1 77.6 2.3 0 3.9 0.3 0.1 0.3 0.1 0.1 1.8 0.5 1.0 0.3 3.1 MX0.1 0.0 0.0 0.2 0.3 3.0 73.8 3.6 2.3 0 0.4 0.8 0.6 0.1 0.2 0.7 0.6 1.2 0.5 4.3 CA0.4 0.2 0.3 0.6 1.2 5.8 12.4 5.5 0.9 1.6 0 0.8 1.3 0.2 1.6 1.4 0.9 2.0 2.5 7.0 CH0.2 0.1 0.3 1.3 4.8 22.9 8.8 2.4 0.3 2.6 0.9 0 0.5 0.1 0.6 0.8 0.6 1.3 2.2 3.8 NO0.1 0.0 0.1 0.7 0.6 4.9 11.7 24.1 0.6 1.5 1.0 0.3 0 5.1 0.7 1.1 2.5 9.1 1.3 19.6 AU0.1 0.1 0.1 0.3 0.6 5.2 16.4 13.8 1.7 1.8 0.7 0.5 20.5 0 0.5 0.9 1.7 5.2 1.3 11.7 NZ2.7 0.5 0.4 0.8 1.3 8.8 7.8 2.6 0.4 0.7 1.3 0.8 0.8 0.2 0 1.0 0.6 1.8 7.7 6.1 TR0.3 0.1 0.1 0.6 0.9 3.6 26.8 7.0 4.2 2.3 1.1 0.7 0.9 0.2 0.9 0 1.3 3.8 3.4 12.3 BR0.1 0.0 0.1 0.4 0.5 3.2 16.5 9.1 0.7 1.5 0.7 0.3 2.1 0.3 0.3 0.9 0 4.3 1.1 44.0 HK0.3 0.1 0.2 0.5 0.7 3.1 17.9 12.9 2.2 1.5 0.7 0.4 2.3 0.4 1.4 2.1 3.0 0 3.1 27.1 KO1.2 0.9 0.7 2.6 1.6 4.6 5.7 4.1 0.3 0.5 2.9 0.8 0.4 0.1 5.9 0.9 0.8 2.7 0 9.5 RU0.2 0.1 0.1 0.7 0.8 4.3 25.3 17.0 1.4 2.2 1.2 0.5 2.6 0.4 1.2 1.9 3.5 7.9 3.6 0 CN1.7 0 0 0 4.0 16.2 17.6 6.0 1.5 1.8 4.9 1.8 2.0 0.3 4.0 2.2 1.2 3.7 7.7 10.3 EA16

0 0 0 0 0 0 27.7 9.0 2.1 2.8 6.9 3.6 3.2 0.5 6.3 3.3 1.7 5.7 11.8 15.4 EU27

Table 7.4 cont'd: Double export weights (2007) in relation to the rest of broad group (41)

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